Three million taxpayers will pay their Alternative Minimum Tax (AMT) tomorrow. Karl included.
In 2008, 23 million (1 in 5 filers) will pay the AMT.
AMT is a tax for the "rich", designed by liberals for conservatives. Now liberals are paying AMT. Whoops!
You can read more about it - here - in the Wall Street Journal.
In short, say goodbye to deductions.
Some questions: Will the 23 million lead a revolt in their local polling place in November 2008? Will the debate shift next April with the AMT replacing bleeding heart topics? Or, will AMT filers roll over, agreeing that the extra cash is going to a good cause?
If you haven't yet, read "The Fairtax Book" by Neal Boortz.
