Bloomberg: The Stealth Tax Washington Isn't Going to Fix

Discussion in 'Economics' started by harrytrader, Mar 15, 2004.


    The Stealth Tax Washington Isn't Going to Fix: John Wasik
    March 15 (Bloomberg) -- You know you are hitting the wall on a tax issue when a financial planner throws up her hands and says, ``I honestly don't have a thing to say about it.''

    That was the response from the frustrated and embarrassed planner when I asked her what taxpayers could do about the despised alternative minimum tax (AMT) this year. ``I got to pay it (the AMT),'' she said. ``It's annoying to me. They should change the law.''

    As a stealth tax on the middle class, the AMT negates almost all of the tax cuts of recent years if you have to pay it. In a cruel irony, it also penalizes taxpayers who already live in high- tax states such as New York, New Jersey and California.