Pres. Carter's Legacy.......Tax Time
- Thread starter Trident1
- Start date
The AMT creation bill was signed by President Nixon, but President Reagan signed the bill that put it in its current form.
What is it with conservatives being so factually challenged these days?
http://en.wikipedia.org/wiki/Alternative_Minimum_Tax
http://en.wikipedia.org/wiki/Tax_Equity_and_Fiscal_Responsibility_Act_of_1982
What is it with conservatives being so factually challenged these days?
http://en.wikipedia.org/wiki/Alternative_Minimum_Tax
http://en.wikipedia.org/wiki/Tax_Equity_and_Fiscal_Responsibility_Act_of_1982
:1orglaugh:1orglaugh:1orglaugh
Worst at bat ever!! 1 pitch - 3 strikes.:1orglaugh
I'd like to hear about some politicians on the left that you respect. :tongue:
xfire
New Twitter/X @cxffreeman
http://www.cato.org/research/articles/reynolds-050320.html
AMT in it's current form was created by Carter. Burn? Yeahhhh riiiight.
AMT in it's current form was created by Carter. Burn? Yeahhhh riiiight.
The Cato Institute!?!? The Cato Institute!?!?!? They are about as legitimate a source of FACTUAL information as Fox News is....and we ALL know about them!
Regardless of what the Cato Institute says, it doesn't change the FACT that the AMT, in essentially it's present form was enacted in 1982 and signed into law by that legendary B-movie actor Ronald Wilson Reagan as part of "Tax Equity and Fiscal Responsibility Act of 1982"!
If the Cato Institute (or Fox News for that matter) said that they had "scientific" evidence that the moon was made of cream cheese....would you believe that too? Just sayin'!
Hilarious that they CATO author calls it they Carter-Clinton tax when it was created under Nixon and is in its current form because of Regan. RR changed the AMT from an add-on tax to its current form: a parallel tax system.
But, hey! "Golly Carter, many thanks for your imbecilic AMT!"
But, hey! "Golly Carter, many thanks for your imbecilic AMT!"
http://hnn.us/articles/11819.html
The Johnson Admin in it's last month began the proposal for the creation of the AMT. The AMT in it's current form was created during the Carter Admin.
No amount of spin will change that fact.
The Johnson Admin in it's last month began the proposal for the creation of the AMT. The AMT in it's current form was created during the Carter Admin.
No amount of spin will change that fact.
You’re absolutely correct and Trident1 is absolutely wrong. However Carter did start the Vietnam War, bombed Pearl Harbor, caused the Great Depression and was responsible for a STD epidemic in the USA.
The AMT was enacted by the Tax Reform Act of 1969 and went into effect in 1970.
http://openlibrary.org/books/OL5739112M/General_explanation_of_the_Tax_reform_act_of_1969_H.R._13270
The AMT has undergone several changes since 1969. The most significant of those, according to the Joint Committee on Taxation, occurred under the Reagan era Tax Equity and Fiscal Responsibility Act of 1982.
http://www.cbo.gov/ftpdocs/50xx/doc5099/doc16.pdf
Johnson wasn't President when the bill was passed and signed in 1969.
Carter wasn't President when it was changed in 1982.
No spin. Just facts.
Just a brief piece of friendly advice to those of us who KNOW THE TRUTH: If there is one thing that I have learned over the years it's that you can lead a horse to water, but you can't make him drink! Consequently, someone who is Hell bent on believing a lie will continue to do so, and no amount of reasoning with them & presentation of REAL FACTS will change that! Not worth the effort! Just sayin'
Most of us know both the truth and the facts of the AMT....we should at least take some solace in that fact, and call it a day!
Most of us know both the truth and the facts of the AMT....we should at least take some solace in that fact, and call it a day!
How does one administration “inherit” bill from another? I understand your two sources want to blame LBJ, but he was long gone before the bill was introduced.
So, let me get this straight, you are arguing that Carter’s huge tax cuts of ’78 were a bad thing and Regan’s tax increases in ’82 were a good thing? Is that right?
Revenue Act of 1978
• Individual Income Tax. Reduced individual taxes (widened tax brackets and reduced number of tax rates).
• Personal Exemption. Increased personal exemption amount from $750 to $1,000.
• Corporate Tax. Reduced corporate tax rates (top rate dropped from 48% to 46%).
• Standard Deduction. Increased standard deduction from $3,200 to $3,400 for joint filers.
• Capital Gains. Increased capital gains exclusion from 50% to 60%.
Tax Equity and Fiscal Responsibility Act of 1982• Improvements in compliance and collection. Imposed withholding on interest and dividends; further accelerated corporate estimated tax payments; expanded information reporting; and increased penalties on non-compliance.
• Reduction in unintended benefits and obsolete incentives. Strengthened individual minimum tax; repealed future acceleration of depreciation allowances; repealed safe-harbor leasing; and tightened completed contract method of accounting rules.
• Increased excise taxes. Increased airport and airway trust fund taxes, cigarette excise taxes, and telephone excise tax.
• Increased employment taxes. Increased FUTA tax rate and wage base, and extended hospital insurance taxes to Federal employees.
So, let me get this straight, you are arguing that Carter’s huge tax cuts of ’78 were a bad thing and Regan’s tax increases in ’82 were a good thing? Is that right?
Revenue Act of 1978
• Individual Income Tax. Reduced individual taxes (widened tax brackets and reduced number of tax rates).
• Personal Exemption. Increased personal exemption amount from $750 to $1,000.
• Corporate Tax. Reduced corporate tax rates (top rate dropped from 48% to 46%).
• Standard Deduction. Increased standard deduction from $3,200 to $3,400 for joint filers.
• Capital Gains. Increased capital gains exclusion from 50% to 60%.
Tax Equity and Fiscal Responsibility Act of 1982• Improvements in compliance and collection. Imposed withholding on interest and dividends; further accelerated corporate estimated tax payments; expanded information reporting; and increased penalties on non-compliance.
• Reduction in unintended benefits and obsolete incentives. Strengthened individual minimum tax; repealed future acceleration of depreciation allowances; repealed safe-harbor leasing; and tightened completed contract method of accounting rules.
• Increased excise taxes. Increased airport and airway trust fund taxes, cigarette excise taxes, and telephone excise tax.
• Increased employment taxes. Increased FUTA tax rate and wage base, and extended hospital insurance taxes to Federal employees.
TheOrangeCat
AFK..being taken to the vet to get neutered.
:dunno: Simple explanation. He's been listening to Michele Bachmann and her fact bank. These people get elected...wtf do you think their followers are going to sound like??
http://www.nber.org/digest/apr04/w10072.html
AMT established 1978.
No Mega I don't listen to Bachmann, Hannity, Rush etc.
Interesting how testy everyone becomes when presented with the fact that the AMT was the darling of the Dems. to make everyone "pay their share". Hell all it is in reality is a racket.
AMT established 1978.
No Mega I don't listen to Bachmann, Hannity, Rush etc.
Interesting how testy everyone becomes when presented with the fact that the AMT was the darling of the Dems. to make everyone "pay their share". Hell all it is in reality is a racket.
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Best one-liner of the week.:1orglaugh
Maybe you're not getting breast fed from them but feeding at the same trough.:eeew: Either way you're all equally prodigious at blundering timelines and who enacted what.
Nothing becomes law without an act of the POTUS signing legislation. Conveniently and unequally applying who was responsible for what based on (apparently) the need for it to fit into your narrative is uncomprehendingly funny.
In your world for example, an aircraft who's manufacturer was contracted under Carter belongs to Reagan, while legislation signed in to law by Nixon belongs to Johnson because his administration spit balled the issue.
The way you effortlessly navigate this kind of duplicity is pretty frightening in the context of how far you extend your zealotry on this stuff.
I mean, it is pretty tough to separate the kind of timeline confusion spouted off by people like Bachmann from some of the same delusions you cast about here.
