the Sham of the AMT
- Lou Grumet’s column “Fixing the Income Tax:
Transparency and Simplicity” (The CPA Journal,
June 2005) says, “The AMT [alternative minimum tax]
was enacted in 1969 to ensure that the very wealthy were no
longer able to avoid paying federal income taxes entirely.
... The AMT is not easily comprehensible by the public.”
appears to me that the CPA profession has never comprehended
it either; otherwise we would have demonstrated long ago
how Congress created this sham to offset the generous tax
benefits they had ladled out to their loyal supporters.
my own role as a profiting participant during the AMT’s
first decade or so of operation. But until the bulk of taxpayers
can plainly see that any reform is goring our own oxen,
we’ll never have tax transparency and simplicity.