Subject: Five years have since passed and I have reduced my AMT credit by about 8%. At age 64, I do not believe that I will last another 60 years! Comment: Dear Honorable Panel Members, Below please find my written testimony submitted today, to the Ways & Means Tax Reform Hearing. To Honorable Chairman William M. Thomas and House Ways and Means Committee - Tax Reform Hearing Washington, DC: Dear Chairman Thomas and Committee Members: As a 64 year old retired taxpayer the current alternative minimum tax is of great concern. Each year more and more Americans fall prey to this unfair tax. Approximately five years ago, because of the ISO AMT provision, I incurred a huge federal and state tax bill, which I paid. The year following my huge tax overpayment my accountant informed me that I would have to live another 60 years to recoup my AMT credit. This was hard for me to believe! Five years have since passed and I have reduced my AMT credit by about 8%. At age 64, I do not believe that I will last another 60 years. The federal government continues to hold my money without paying me one penny of interest. Once I leave this earth my AMT tax credit will become property of US Treasury coffers. The credit will not be passed on to my heirs. Does this seem fair? One thing that I do know is that my federal tax credit will follow me no matter where I reside in the United States. This is not true on the state side. If I move out of Connecticut I lose my ability to recoup my state AMT tax credit. This foolish law that was intended to prevent wealthy individuals from escaping federal income tax has become a burden to the all classes of taxpayers. I would appreciate hearing from you on this matter and I please urge your leadership in righting this insidious aspect of AMT Sincerely, Leonard P. Garille Southbury, CT 5th Congressional District |