Subject: Recommendation for Tax Code Modification Comment: Individual submission 4/11/2005 PROPOSAL TO CHANGE AMT TAX I am in favor of all efforts to simplify the US income tax Code, as I believe the government can achieve its revenue objectives with less complex calculations. I believe that the current calculation of the AMT misses by a wide margin the original intent of that tax. The original target of that section was achievable with a rifle shot and now with time and inflation a shotgun is being used with many unintended casualties. The original intent was well founded and created a sense of fairness in the minds of low to middle income taxpayers. However, while the stated objective of the tax has not changed the result now misses the mark in many instances. Middle income, working and retired, are now facing income tax increases that are not justified by the original objective set forth when the AMT was added to the Code. I can understand, with the financial pressures faced by the government, it is a difficult decision to modify the AMT and thereby lower the aggregate revenue raised from that section of the Code. Most US taxpayers recognize the need for the government to raise revenue by taxing its citizens but when the taxing methods are perceived to be unfair it creates the situation faced by a number of European countries where tax evasion has become an art form. You are charged with reviewing the current income tax and evaluating simplification alternatives. I strongly recommend that you place correction of inequities, especially the AMT that is generally perceived to no longer to meet its stated objectives, very high on your list. John E Buckley Cumberland RI 02864 401 333 1332 |