Rhetoric wins the day over reality. Here are two facts I stumbled upon recently:
- It is estimated that only 5% of AMT revenues stem from limiting the tax preference items targeted in the initial legislation.
- In 2004 (latest year for which data are available) there were 196 tax returns filed with adjusted gross incomes exceeding $1 million that paid zero federal income taxes. The AMT was created because 155 tax filers earning $200,000 or more in 1967 were found to have paid zero federal income taxes.
And we trust our legislators to design and manage a health care system? Administer housing programs? Run our schools? Defend us? Football coaches are fired when they have one .500 season. CEOs are canned when stock prices fall. Our elected officials are not even close to having a .500 season. Looks more like a .100 season, and that is being optimistic. What will it take for them to be accountable? And for people to get rid of their romantic involvement with the idea of politics and politicians?
