In the past, presumed GOP nominee Senator John McCain said that he would do away with the Alternative Minimum Tax (AMT). This has been nicknamed the “wealth” tax that threatens the non-wealthy. However, it would seem that McCain has changed his mind on the AMT.
Instead of repealing the AMT, McCain has decided to phase it out. In short, there will still be people paying such a tax. Over 4 million will end up paying the AMT under McCain’s proposal if he is elected US President. But, McCain’s version of the AMT will help those who have been trapped by such a tax.
Last fall, McCain said that he would be committed to repeal the tax. During that time, McCain said: “I am committed to repealing this tax before millions of American families are forced to devote even more of their hard earned money to paying for the spending largess in Washington.”
On June 10, McCain said something different. “I will also propose … a phase-out of the Alternative Minimum Tax,” he said. However, it is contradictory to what the McCain website says. On the site, McCain’s position is repealing the AMT.
Both Democrats and Republicans are looking to do away with the AMT. They want to protect the middle class from having to pay such a tax. However, the AMT is a main revenue driver. Revenue from the AMT has been tied into the official government budget.
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