As if the current alternative minimum tax calculation weren’t insane enough, some of our DemonRat rulers in DC are considering adding a second one that they are naming after their Class Envy Clown, Warren Buffett.
Democratic Senators to Push ‘Buffett Rule’
Households with adjusted annual gross incomes over $1 million would prepare their taxes as they do now, with all the deductions, credits and loopholes intact. They would also calculate what 30 percent of their adjusted gross income amounts to. They would then pay whichever amount was larger.
How long do you suppose it will take for that million dollar threshold figure to drop and ensnare millions more, just as the current AMT has?
Tax Guru - Ker$tetter Letter 