23 Apr '11, 1am

jl Obama: "We Have To End the Tax Cuts for the Wealthiest Americans;" 72 Percent Agree

The trickle down theory has not worked since Reagan started it way back when. What has happened is just the opposite. The money, instead of trickling down has been rushing up to the wealthy. What happened to the alternative minimum tax. The ATM tax laws provide tax benefits for certain kinds of income and allow special deductions and credits for certain kinds of expenses. The alternative minimum tax (AMT) attempts to ensure that anyone who benefits from these tax advantages pays at least a minimum amount of tax. The AMT is a separately figured tax that eliminates many deductions and credits, thus increasing tax liability for an individual who would otherwise pay less tax. The tentative minimum tax rates on ordinary income are percentages set by law. For capital gains and certain dividends, the rates in effect for the regular tax are used. This should also be applied to the...

Full article: http://www.care2.com/causes/politics/blog/obama-we-also-h...

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