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Strategies & Market Trends : ahhaha's ahs
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To: ahhaha who wrote (3327)10/31/2001 1:48:54 PM
From: GraceZRead Replies (1) of 24758
 
Why was the AMT started in the first place? It was started because people were concerned that wealthy individuals and corporations were able to avoid any income tax because they were able to use the extensive list of deductions and credits available that weren't available to the lower end tax payers. It was prompted by the idea that the wealthy do not pay their "fair share", that the burden of paying their "share" falls on the middle class tax payer, which is a myth.

If you remember Mark's biggest concern in getting rid of corporate income tax was that wealthy individuals would abuse the corporate shell to avoid paying any income taxes. He's worried about wealthy individuals not paying any income taxes, yet I haven't heard his concern about the lower end not paying any.
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