Abolish the Alternative Minimum Tax

When the Alternative Minimum Tax (AMT) was created in 1969, as a mandatory add-on to the existing tax code, it was aimed at preventing just 155 wealthy taxpayers from exploiting loopholes in the tax code to escape their legitimate tax obligations.

However, partly because it was never indexed for inflation, the AMT now subjects over 30 million more taxpayers to an automatic tax increase -- ensnaring many middle-income Americans who dutifully pay their taxes with a stealth tax increase that was never intended! If left unaddressed, over the next ten years the AMT will impose $841 billion in higher taxes, largely on middle-income families.

Under current tax law, for instance, in tax year 2007, about 70 percent of married taxpayers (with children) earning $75,000 to $100,000 were subject to AMT.

A substantial portion of congressmen say they agree the AMT is unfair and needs to be repealed. But, since so many of those same greedy politicians don't want to give up this windfall revenue, nothing is being done. We need congressmen with the courage to do what is right for the people! Congress must immediately and completely repeal the Alternative Minimum Tax (AMT).