Subject: Proposal for change to AMT Comment: Please see attached MS Word Document Thanks for all you do. Jim Gale, CPA Silver Spring MD James S. Gale, CPA 505 Fairhill Drive Silver Spring MD 20904-3258 301-384-3434 Fax 301-384-3816 April 25, 2005 President’s Panel on Tax Reform www.TaxReformPanel.gov Subject: Proposal for AMT Reform Effect: Simplification Dear Sir or Madam: I am a CPA, Full Professor or Accounting and Taxation and a Professional Tax Preparer. I, too, am concerned about the growing impact of the Alternative Minimum Tax (AMT). I have what I believe to be simple suggestion to alleviate the AMT issue for a large number of taxpayers. Suggestion: Remove personal and dependency Exemptions as being an AMT add-back. That is, allow the same deduction for personal and dependency exemptions for AMT as for regular tax. Since Exemptions are already phased out for high income taxpayers, whom the AMT was originally intended to impact, this would not result in any decrease in tax for those whose exemptions are already phased out. Thanks for all your hard work. |