Wednesday, September 14, 2011

Obozo's Sneak AMT

If you already know what "AMT" stands for, you have my heartfelt sympathy.  It's "Alternative Minimum Tax" and it was created to extract income taxes from a very few citizens. 

While the AMT and the new Obozo Porkulus differ in major ways, they have one thing in common:  they hit Wisconsin taxpayers harder than taxpayers in most other States.


...“The President’s plan offsets his new stimulus by limiting the tax value of allowable deductions to 28 percent for individuals and families in the top two tax brackets.

...“Wisconsin has one of the highest state income and local property tax burdens in the US according to the Tax Foundation, and as a result, residents rely on itemizing their deductions more than other states. This tax increase will hit Wisconsinites, who will reach that 28 percent cap much faster, and feel the impact in their wallets much more than in other states

The Obozo plan is DOA in the House, of course.   But Obozo seems to like zombies.

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