OMG. Et Tu, Professor Feldstein?
Yup!
But … but … we didn’t do this during the Reagan presidency–the presidency that was the very embodiment of fiscal responsibility! Just as Paul Ryan said yet again just this very morning.
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Isn’t this what the AMT is for? the AMT that congress has spent decades attempting to ensure that no one ever pays?
Two things. One, how is it that the good professor doesn’t include any corporate tax gifts? That is gifts to corporations from all the tax loop holes we read about on a regular basis. Second, J.G., I can’t speak for anyone else, but I can tell you that I’ve been getting caught by the AMT that you’re suggesting that “no one ever pays” every year. Is the publisher of Turbo Tax really an IRS agent? Or maybe I should stop earning my income and figure out a way to get that strange euphemism called “unearned income” that so many very wealthy people seem to have as their exclusive earnings.