That those who have millions on hand do less -
The AMT's hardest
On households more modest
In Boston, New York and Los Angeles.
While watching Bloomberg TV, Dr. Goose listened to Veronique de Rugy (of George Mason University's Mercatus Center) point out that the US alternative minimum tax disproportionately affects families in high-priced states such as New York, New Jersey, California and Massachusetts. Introduced in 1969 to prevent the nation's 155 wealthiest taxpayers from slipping through tax loopholes, the AMT has never been indexed to inflation or regional changes in incomes, and disallows such deductions as state taxes. The result is a burden that falls heavily on upper middle class households in highly taxed, high-priced "blue" states - a tax on well-off liberals such as Dr. Goose.