This is the reason why the congress-criters, who all know that the alternative minimum tax is a problem, aren't doing a thing about it.
"When the stock market took a nosedive, we were stuck with huge amount of AMT which we could not pay even if we sold all the stocks that we exercised," said one recent letter. "My brother was hit by the AMT and is now facing financial ruin," said another.For a host of worthy reasons, Connie Mack, a former U.S. senator who chairs the panel, reported it will recommend repealing the AMT.
He had no sooner uttered these words when a chorus of voices said the government's accounts couldn't stand the revenue loss, which would have to be made up some other way.
As always, follow the money.