FYI: The Alternative Minimum Tax or AMT was an poorly thought out piece of tax legislation designed to attack 155 rich folk from 1969 that's coming back to haunt the IRS and lawmakers.
Now Washington Democrats are seeking to cover up this blunder and boost their ratings by taking money from evil capitalist pigs who made their millions in ways these simple minded totalitarians cannot understand, which obviously makes hedgies evil charlatans (even if they brought great wealth to their investors) - hmm sounds a little like the Catholic church in the Dark Ages.
Now Washington Democrats are seeking to cover up this blunder and boost their ratings by taking money from evil capitalist pigs who made their millions in ways these simple minded totalitarians cannot understand, which obviously makes hedgies evil charlatans (even if they brought great wealth to their investors) - hmm sounds a little like the Catholic church in the Dark Ages.
The top tax-writer in the U.S. House of Representatives said on Tuesday consideration is being given to raising taxes on private equity and hedge fund managers to help pay for temporary alternative minimum tax relief. Adopted years ago to make sure rich Americans paid at least some tax, the AMT now hits less well-off people it was never meant to touch. Without quick action from Congress, the AMT will soon affect millions more taxpayers. The New York Democrat last week unveiled a sweeping, $1 trillion tax reform bill that included a $47 billion "patch" to fix the AMT for one year. Rangel's tax reform bill -- dubbed "the mother of all reforms" on Capitol Hill -- also proposed more than doubling the tax rate on the carried-interest profits of private equity firm managers and to prevent hedge fund managers from sheltering income in overseas tax havens. |
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