Subject: AMT INEQUITY Comment: married, filing jointly, 4 children. My estimated federal taxable income in 2005 will be $111,140 and under regular federal tax liability is approx. $19,615. Under AMT (assuming exemption reverts to 2002 level of $43,000 from $58,000 allowed in 03/04) my AMT laibility is $4,558 or 23% higher and tax due is $25,673. Why ? because my personal exepmptions and state, property and local taxes are all disallowed and ignored when AMT is calculated.This is unfair& discriminatory against hard working middle-class American workers. THIS TAX SYSTEM NEEDS REPEALING OR A MAJOR OVERHAUL. |