The AMT: Is it Necessary?
The IRS is reminding taxpayers and Congress alike that if the annual “AMT patch” isn’t renewed before the end of the year, millions of taxpayers (28 million) would be on the hook for thousands more per person in tax payments. But we need more than just a “patch”. We should strive to eliminate the AMT from the tax code. Here’s why: The Alternative Minimum Tax | Read More »
The AIG/TARP “Clawback” Is Dubious – But Is It Also Unconstitutional?
Co-contributor Francis Cianfrocca did an excellent job this morning noting many of the more surprising and odious aspects of the hastily (and emotionally) hashed-together “clawback” legislation that recently breezed through the House. Those aspects are bad enough – and they represent an ugly and dangerous turn in “policy.” But there’s an even more important issue. Is this “clawback” provision blatantly unconstitutional? More below the fold….
Congress Prepares to Create Some New Unintended Consequences
In the late 1960s, there was a well-publicized furor over corporations and individuals with very high incomes who, through combinations of legal tax-avoidance activities, wound up not paying income taxes. So Congress responded with the Alternative Minimum Tax (AMT), which now hits millions of individuals and can’t easily be adjusted because it brings in too much revenue. I’m now hearing stories about employees of Wells | Read More »