26th November 2012
From a political standpoint, it’s hard to imagine a better formula for sparking a taxpayer revolt than to impose a large, unexpected tax increase with little or no warning.
Well, we can’t have a nasty old taxpayer revolt, can we? That would never do. Maybe if we warm up the KY jelly it will make them feel better about it.
The impact would be concentrated in more affluent and urbanized states, particularly those with high state and local taxes (the federal deduction for state and local taxes is one of the breaks that frequently pushes people into the AMT). California’s number of AMT filers would go from 685,000 to more than 5.5 million, according to the Congressional Research Service. New York would go from 477,000 to about 3.9 million. New Jersey would go from 265,000 to almost 2.2 million.
Eventually Democrats will discover that they’re stepping on their own
dicks base with this class-warfare tax legislation, since most Really Rich People are Democrats. (George Soros, are ya listenin’?)
Not that I’m going to cry much of a river for tax laws that soak places like California, New York, New Jersey, Massachusetts, D.C., ….