Subject: AMT Comment: I am a CPA and have extensive knowledge of the federal tax system. The AMT tax is the most burdensome tax system this country has ever dreamed up for both individuals and businesses. Last year treasurey secretary John Snow estimated an AMT fix would cost $700 B. I don't understand why it has to cost anything. You could eliminate AMT and increase the graduated tax rates for those groups of taxpayers the AMT is trying to tax (for example the upper tax brackets. Then, the elimination of the AMT would not cause any additional increase on the taxpayers since they are already paying the tax anyway. Moving the tax from what is called "AMT" to a "regular tax" would not burden the economy at all and it is simple! What is so difficult about that? Also remember the taxpayers are paying accountants alot of time to plan and prepare AMT tax forms. I hate to admit it, but paying accountants to prepare AMT tax forms adds no value to our economy. It is only a hidden tax which the taxpayers must bare and businesses must include the cost in the products they sell. Please eliminate the AMT tax at a minimum. Better yet, eliminate the income tax system totally and move to a value added or sales tax system to eliminate millions of taxpayers from the tax role and to allow the taxation of the underground economy! |