... In 2007 Senator Barack Obama, through a spokeswoman, called the AMT "outdated and in need of sustainable, long-term reform. He looks forward to working in a bipartisan fashion to reform the AMT in the future."In his first budget for fiscal 2010, President Obama promised a "return to honest budgeting" including vowing that he would "not allow the alternative minimum tax to take over the tax code."
But in his Fiscal 2014 budget, released April 10, the AMT rated not a single mention in the president's budget message....
The White House is continuing to pitch its proposed "Buffet Rule," requiring those with million-dollar and up incomes to pay a federal income tax rate of at least 30 percent. But it has changed that pitch in a significant way.
The President is not without some AMT concerns. In 2011 he proposed that the AMT not hit certain municipal bond investors. So there you have it. Like Republicans who favor government insurance and subsidies for property, but not so much for people, President Obama has abandoned his promise to reform the Alternative Minimum Tax. He did so in a way that makes it unlikely it will get attention from the mainstream news media - instead of an announcement, he just stopped proposing reforms.
View David Cay Johnston's opinion in its entirety on the taxanalysts® Blog.
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