Subject: AMT Injustice Comment: Dear Commission Members, In 1998 my wife's company offered her a large amount of stock options for her service with the company. These were ISO options, so we had to pay AMT on them when we purchased them. We mortgaged our home to pay this tax bill come the following April. We were told that when we sold the shares the following year as "long term capital gains" we would get the AMT tax back from the credit. Well, the bubble burst, and the shares became next to worthless. We now have this $250,000 AMT tax credit and no assets. AMT is a scam and a perpetration. The IRS demanded we pay tax on money that we had not made. We borrowed this money to pay them. Then when we ended up not making that expected profit, the IRS got to keep the money they got for the expected profit! What kind to justice is that?? I urge you to push for the repeal of the AMT. I also urge you to push for the refund of all AMT credits for those, at least, who do not possess the capital that the AMT was generated over. Justice must prevail and you are in the position to help make that a reality. Do the right thing. Yours, Scott Potter P.O. box 12606 San Luis Obispo, CA 93406 805.543.8082 |