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Reply to "Are there any Tax Deductions for Private school?"
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[quote=Anonymous][quote=Anonymous]My understanding is that AMT was originally designed to prevent the independently (not high wage earning) wealthy from unfairly sheltering their assets in ways that avoid tax contribution. IMHO, AMT has now become a political safety-valve tax. Politicians from both sides can claim they cut taxes or held them steady, because they know the stealth AMT will ensure enough money is collected to provide all the government services people want. Politicians love to brag about cutting taxes, but they don't want to be responsible for the pain of budget cuts. So the AMT allows them to rob Peter to pay Paul.[/quote] 7:59 here. I agree, the AMT is a safety valve for lazy politicians who can't manage to do the hard work of fixing the tax code. [/quote]
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