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Chris — Fri, 15 Aug 2008 12:42:59 +0000

You are right — the AMT is the elephant in the room that nobody wants to talk about.

The donut hole thing is a sham, he’ll start it at $250K, then drop it to $200K, then $100K. His good buddy Jon Corzine did exactly that here in NJ. With great fanfare Corzine unveiled a property tax rebate plan for everyone making less than $250K. Two years later the cutoff is $100K. If Obama is elected Corzine is likely to be his Secretary of the Treasury, so he’ll have a lot of input into tax policy.

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castocreations — Tue, 01 Jul 2008 20:27:07 +0000

As all politicians, Obama “Hope Change” is just trying to bribe as many people as he can for their votes. His tax “cuts” won’t help most people and will harm our economy.

I don’t think penalizing the rich is the thing to do – especially when the definition of rich is hard to pin down. Hubby and I are not rich and yet our salaries add up to more than $100k. Rich to someone’s standards, surely. But to ours? No way. Middle class is how we feel and how we live. Cost of living in our area is high, though not as high as Seattle just north of us.

I wish the government would just let me keep my money and get rid of all the ridiculous wasteful spending that isn’t even necessary. Grrr!!!

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Jesse — Thu, 26 Jun 2008 14:10:22 +0000

I really agree with what you are saying. After taking a few tax classes I know a lot about the tax system and adding in new provisions to help certain groups and make things simpler always comes back to bite us and cause more problems than we originally had. A phase out of the AMT would be the best way to lower taxes for the middle class.

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admin — Thu, 26 Jun 2008 02:58:05 +0000

You’re right Erin, Obama seems to change his definition of “rich” and “middle class” quite a bit. In San Mateo County, $70k a year for a household of 2 or more is under the median income. Average rent is $1700 a month here so there is no way that $70k a year is rich by any definition. Anyway, we will see what happens, but I think a lot of real middle class families will be hurt more by Obama’s plan.

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Erin — Thu, 26 Jun 2008 01:39:55 +0000

I think maybe the reason that Obama’s plan wouldn’t really help those who are affected by AMT is that he doesn’t think they are middle-class. Obama needs to be a little more upfront about his definition of middle class. Whenever he talks about middle class tax cuts and helping working families etc… people get excited. EXCEPT, that many who consider themselves middle class are not middle class by Obama’s definition.

I can’t seem to find it on his site now but he’s said before the income limits for those that would qualify for all these “cuts”. I think it was $70,000 for a family. Or somewhere close to that. Those in areas with a higher cost of living would really suffer. They might make more than $70k a year, but would end up getting taxed more (because he wants to tax the “rich”) and not benefit from the middle class tax cuts. I see this possibly being a huge issue for people that live in places like California.