Amateur Economists II

The post previous to this was just a fun story.

Here's a not so fun story about something called the Alternate Minimum Tax or AMT.

In simple terms.. the AMT is a tax that was introduced around 1969/1970 that was intended to 'tax the rich' (you know, those bad guys..). How many rich people was it designed to affect?

Exactly 155. Seriously.

This 'tax code' was enacted by those fabulous amateur economists we call our governement. Yes! They finally got their chance to 'tax the rich' and redistribute their wealth to the middle and lower classes! Sweeeeet.

Ummm... except.. as amateur economists.. they messed it up pretty good.. and just 40 or so years later.. in 2010.. nearly 30 million taxpayers will be hit with this tax -- among them, a staggering 94 percent of married filers who have children and make $75,000 to $100,000.

155 vs. 30,000,000..... As Bob Uecker would say... 'missed by just .. that .. much'.

Gulp.

Of course, you say - these new fangled politicians that we have now are a way better crop of amateur economists. They'll never put ME in that kind of position!

Best of luck with that one folks.