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Alternative Minimum Tax elimination in new Republican tax bill

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In 1969 folks in treasury were getting upset that very wealthy people were getting windfalls and not paying ANY tax. So a process of rules was developed through 1982 which at least imposed a minimum tax on high income taxpayers who with loopholes and deductions were not paying any tax. This minimum tax was very complicated but in recent years with sophisticated tax software it was working seamlessly collecting revenue from the 1%.

I have not heard one word from the media or the democrats about elimination of the ATM. This is absolutely essential to allow wealthy people to avoid paying any tax at all. Middle class my asz. How stupid is America. The guy with the mask, and sawed off shotgun at the teller's window is not playing trick or treat, and he sure as hell is not going to be giving the bank a treat. Yet, ignorant people talk about this as being a job stimulus. It is pure and simple the wealthy buying our congress and the white house.

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Another appalling feature of this proposed bill is the estate tax exclusion being increased. I believe for a married couple it is going to be 12 million dollars. When I got out of college local farmers were getting whacked on the family farm when somebody died and the exclusion was only 65k and then raised to 125k right before Reagan became president. In less than forty years the exclusion has risen about 150k a year for wealthy families to pass wealth to silver spooned children. I was an advocate of the estate tax exclusion going up when it was 125k because even then a two hundred acre family farm could value out at a million dollars and families would have to pay taxes. Anything above two million per individual or four million for a couple is plain and simple an outright gift not to the farm family but to the ultra wealthy at the expense of our national debt. This is criminal to call this a middle class bill.

If you want to get this bill revenue neutral just simply suggest returning the exclusion to 2 million per person. Let somebody explain how the average husband and wife in America's middle class are going to be leaving four million dollars to their children. Sorry. This nation needs revenue. This nation was at its pinnacle economically at high progressive tax rates with investment in our future. Today it is regressive tax rates and giving away the nation's wealth to indenture our grandchildren to a lifetime of economic exploitation by the wealthy.

Peter Roskam is a Republican representative who is trying to sell this as a tax break for the middle class. He has a North suburban district outside Chicago, and I am contacting his office and letting him know I will send donations to any primary opponent or democrat challenger if he insists to lie about who this tax bill benefits. Estate tax reductions and elimination of the ATM is not iddle class tax reform. It is deceit.

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2seaoat wrote:Another appalling feature of this proposed bill is the estate tax exclusion being increased.  I believe for a married couple it is going to be 12 million dollars.  When I got out of college local farmers were getting whacked on the family farm when somebody died and the exclusion was only 65k and then raised to 125k right before Reagan became president.   In less than forty years the exclusion has risen about 150k a year for wealthy families to pass wealth to silver spooned children.  I was an advocate of the estate tax exclusion going up when it was 125k because even then a two hundred acre family farm could value out at a million dollars and families would have to pay taxes.  Anything above two million per individual or four million for a couple is plain and simple an outright gift not to the farm family but to the ultra wealthy at the expense of our national debt.  This is criminal to call this a middle class bill.  

If you want to get this bill revenue neutral just simply suggest returning the exclusion to 2 million per person.  Let somebody explain how the average husband and wife in America's middle class are going to be leaving four million dollars to their children.   Sorry.  This nation needs revenue.   This nation was at its pinnacle economically at high progressive tax rates with investment in our future.  Today it is regressive tax rates and giving away the nation's wealth to indenture our grandchildren to a lifetime of economic exploitation by the wealthy.

Peter Roskam is a Republican representative who is trying to sell this as a tax break for the middle class.  He has a North suburban district outside Chicago, and I am contacting his office and letting him know I will send donations to any primary opponent or democrat challenger if he insists to lie about who this tax bill benefits.  Estate tax reductions and elimination of the ATM is not iddle class tax reform.  It is deceit.

Deceit is telling people that the deficit is a problem. The truth is that public debt is private savings. Wake up, Seaoat.

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