Linda Beale at A TAXING MATTER writes in her post “AMT Patch: White House Threatens Veto”. that George W’s advisers will recommend he veto the AMT fix bill for three reasons:
· An AMT patch should not have to raise taxes on anyone to pay for the relief for ordinary taxpayers.
· The offsets--like the carried interest provision and the delay of the world-wide interest allocation change for multinationals--hurt the ability of US taxpayers to be competitive globally.
· The bill repeals private debt collection for federal income taxes.
The word from a report on NPR’s “Market Watch” program last night is that the Republicans do not care about an Alternative Minimum Tax fix because it is the “Blue States” (i.e. New York, New Jersey, California, Massachusetts) that are hardest hit by the dreaded AMT. The bastards!