Comments on: Repealing the Alternative Minimum Tax (AMT) http://www.consumerismcommentary.com/repealing-the-alternative-minimum-tax-amt/ A premier personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sun, 12 Feb 2012 20:01:44 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Dus10 http://www.consumerismcommentary.com/repealing-the-alternative-minimum-tax-amt/comment-page-1/#comment-77256 Dus10 Tue, 09 Jan 2007 13:54:21 +0000 #comment-77256 Tom and Stingy, Sales tax is inherently flat, but the Fair Tax is different. There is a "prebate" for the taxes that you pay on the basic costs of living. Essentially, EVERY tax payer will get a prebate for the amount of taxes that they will pay in the next month. This would be determined based on the cost of living in areas. From what I understand, it may be down to the zip code. Anyhow, this makes it progressive, because up to a certain limit there be absolutely zero federal taxes (and this includes FICA, etc). That is a better deal for the poor than all of the breaks we currently have. Tom and Stingy,

Sales tax is inherently flat, but the Fair Tax is different. There is a “prebate” for the taxes that you pay on the basic costs of living. Essentially, EVERY tax payer will get a prebate for the amount of taxes that they will pay in the next month. This would be determined based on the cost of living in areas. From what I understand, it may be down to the zip code. Anyhow, this makes it progressive, because up to a certain limit there be absolutely zero federal taxes (and this includes FICA, etc). That is a better deal for the poor than all of the breaks we currently have.

]]> By: Stingy Student http://www.consumerismcommentary.com/repealing-the-alternative-minimum-tax-amt/comment-page-1/#comment-77209 Stingy Student Tue, 09 Jan 2007 00:35:31 +0000 #comment-77209 I agree with Tom. How can this be progressive? Sure, there's a rebate up to the poverty level, but then, as you reach the low/middle class, it becomes a regressive tax since these people must spend a larger proportion of their income. I think the group of people just above the poverty line are the ones getting screwed over already because they don't qualify for federal programs like Medicaid but probably can't afford an insurance policy because of the increasing costs. I agree with Tom. How can this be progressive? Sure, there’s a rebate up to the poverty level, but then, as you reach the low/middle class, it becomes a regressive tax since these people must spend a larger proportion of their income. I think the group of people just above the poverty line are the ones getting screwed over already because they don’t qualify for federal programs like Medicaid but probably can’t afford an insurance policy because of the increasing costs.

]]> By: Tom http://www.consumerismcommentary.com/repealing-the-alternative-minimum-tax-amt/comment-page-1/#comment-77199 Tom Mon, 08 Jan 2007 23:40:35 +0000 #comment-77199 Gotta agree with Green, no chance of this happening. If the problem really is just that it hasnt been adjusted, why not just index it? As for the "Fair Tax", no sales tax can be progressive in my opinion. Sales tax will always hit the poor the hardest. I support a progressive income tax (higher percentages paid the more you make which isnt done in many states) and an elimination of all sales taxes. Gotta agree with Green, no chance of this happening. If the problem really is just that it hasnt been adjusted, why not just index it?

As for the “Fair Tax”, no sales tax can be progressive in my opinion. Sales tax will always hit the poor the hardest. I support a progressive income tax (higher percentages paid the more you make which isnt done in many states) and an elimination of all sales taxes.

]]> By: F. D. Bryant III http://www.consumerismcommentary.com/repealing-the-alternative-minimum-tax-amt/comment-page-1/#comment-77186 F. D. Bryant III Mon, 08 Jan 2007 18:40:16 +0000 #comment-77186 I have a better idea - repeal the entire tax code and pass the Fair Tax (http://www.fairtax.org). It's revenue neutral, progressive, and relieves the poor of any tax burden. I have a better idea – repeal the entire tax code and pass the Fair Tax (http://www.fairtax.org). It’s revenue neutral, progressive, and relieves the poor of any tax burden.

]]> By: Getting Green http://www.consumerismcommentary.com/repealing-the-alternative-minimum-tax-amt/comment-page-1/#comment-77177 Getting Green Mon, 08 Jan 2007 16:10:47 +0000 #comment-77177 I highly doubt it'll pass, the democratic congress will squak that this is just a bunch of rich people trying to get out of paying taxes. I highly doubt it’ll pass, the democratic congress will squak that this is just a bunch of rich people trying to get out of paying taxes.

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