I’ll be happy to help lobby and educate this one misguided R who filed this, but looking at the democratic platform, I can’t vote or support any of that, sorry

 

100% guarantee... funny.

 

Unless of course you were already hit by the AMT and weren't able to take any deductions for the state tax or business expenses or basically anything except charity and now won't be hit by AMT since it doesn't exist

 

Dan actually called to ask for my support. I haven't heard from Jim.

 

AMT does still exist. Oh sure Trump vowed to get rid of it, but like most things he says...It didn't happen.

Fewer people will pay the Alternative minimum tax (AMT) because the act increases the exemption level (from $84,500 to $109,400 for couples; from $54,300 to $70,300 for singles)

 

While true, the new threshold for when AMT starts hitting taxpayers is now much higher, because not only did the exemption level increase, but the phase out of those exemptions doesn't start until a much higher total earnings.

From CNN (not exactly Trump friendly):

"Only about 200,000 tax filers are expected to owe the AMT in 2018, dramatically fewer than the 5.25 million who likely would have under the old tax law, according to estimates from the Tax Policy Center.
The AMT is a parallel tax system that requires many filers to calculate their tax bill twice -- once under the rules of the regular income tax code and once under the rules of the AMT. Filers must pay whichever is higher.

The original intent of the AMT was to ensure that the wealthy few back in 1969 didn't take so many tax breaks that they ended up owing no federal income tax.
But today, those who've typically gotten snagged by the AMT include two-earner married couples with kids in high-tax states, and more generally, households making between $200,000 and $1 million.

The tax overhaul increases the exemption phaseout level -- which is the income level above which you gradually lose your income exemption, until it disappears completely. The phaseout levels were raised to $1 million for joint filers, up from $160,900; and to $500,000 for individuals, up from $120,700.

So a lot of households making between $200,000 and $1 million will now get to take full advantage of the exemption levels, whereas before they could not."



So, unless you are a single Widebody Captain flying your arse off, you will not be paying any AMT.

As a Widebody FO (Married with kids) I got hammered by it up to this point, but will not be subject to it (ie it will not affect my taxes) at all starting in 2018.

So, while he did not "get rid of it," like most people, I judge things based on the practical implications, so for 96% of us, he "got rid of it."

Now, I live in IL, so much of what AMT took away, the new tax code will take away as well. So, I won't get all of what the AMT took away, but I will still have a lower total tax bill than before!

The most important part to me is that at least the new tax law returned the AMT to its' original intent. Making 200k in 1969 was a whole different lifestyle than making 200k now!

 

Stop making stuff up! Haven’t you heard? Everyone is going to pay more... guy above said 100% guarantee.

 

According to the calculators out there, my federal taxes will go down ~20%.

 

Dems used to win a lot of elections. They started losing elections when they started championing the causes that are of primary importance to the small slice of voters that would be considered 'far left'.

My biggest problem with the Democratic party is that they claim to be the party of the poor. They push government handouts, but do absolutely nothing to make sustainable changes in the lives of the poor. Giving people welfare and free healthcare is a temporary fix. Giving people the skills to get a job and be a contributing member of society is a permanent fix.
And therein lies the conundrum. When those people gain employable skills and see how large a chunk of their paychecks get taken in the form of taxes, many end up voting Republican. So the Democrats like to give just enough assistance to the poor to keep them poor Dem voters.

Don't get me wrong - the GOP has plenty of problems, but at least they don't masquerade that they're the party of labor when I've now lost the ability to strike thanks to Slick Willy ending the AMR strike in the late 1990s. None of the pilots of the four largest airlines will be able to go on strike thanks to Slick Willy: AMERICAN AIRLINE PILOTS STRIKE BUT CLINTON ORDERS THEM BACK - The New York Times

 

OK, Andy. Now tell the class why Clinton did what he did. So we may have some perspective and look at the issue through a slightly wider aperture. Do you think there might be more to this than "Clinton effed the pilots, and therefore the D party sucks?" Just seems like there must be more to the story.