Pres. Carter's Legacy.......Tax Time

[Trident1]

Maybe you're not getting breast fed from them but feeding at the same trough.:eeew: Either way you're all equally prodigious at blundering timelines and who enacted what.

Nothing becomes law without an act of the POTUS signing legislation. Conveniently and unequally applying who was responsible for what based on (apparently) the need for it to fit into your narrative is uncomprehendingly funny.

In your world for example, an aircraft who's manufacturer was contracted under Carter belongs to Reagan, while legislation signed in to law by Nixon belongs to Johnson because his administration spit balled the issue.

The way you effortlessly navigate this kind of duplicity is pretty frightening in the context of how far you extend your zealotry on this stuff.

I mean, it is pretty tough to separate the kind of timeline confusion spouted off by people like Bachmann from some of the same delusions you cast about here.

Oh we're back to the B-2 bomber again. I told you that the contract for the stealth bomber was awarded by Reagan to Northrop/Boeing in October 1981. That's fact. Stealth bomber designated B-2 during Reagan........not Carter.

Johnson wanted to close tax loopholes on 155 wealthy suspected tax evaders.

The Minimum Tax goes into effect 1969/70 (Nixon) passed by a Dem. controlled Congress.

http://hnn.us/articles/11819.html

".....In his administration's last month in office President Lyndon Johnson named Joseph Barr treasury secretary. Both Barr and Assistent Secretary of the Treasury Stanley S. Surrey instigated the proposals to tighten the tax loopholes that eventually led to the creation of the AMT."





1978 Tax Reform:

"The Alternative Minimum Tax that Americans are now grappling with was introduced in its present format as a result of tax reform in 1978. "

Minimum Tax becomes AMT. Passed by a Democrat controlled Congress under a Dem Admin.

http://www.nber.org/digest/apr04/w10072.html

"The Alternative Minimum Tax (AMT) is a provision of the U.S. income tax code that currently affects a modest number of taxpayers, but will become increasingly important over the next decade. The AMT was established in 1978."

 

[E-Ann-Hilden]

:1orglaugh:1orglaugh:1orglaugh

Worst at bat ever!! 1 pitch - 3 strikes.:1orglaugh

Well it is Wiki, but are you providing a alternative fact?

 

[E-Ann-Hilden]

The Nixon Administration hinted broadly yesterday that it will seek to make the rich--or least some of them to pay more taxes. "I think the American People are saying something and the message is getting through," a Treasury spokesman said, claiming that congressmen are getting a large volume of mail protesting the fact that some wealthy individuals escape income taxation altogether.

In April 1969 the Nixon Administration presented its proposal for tax reform to Congress. The measure was accompanied by this message:

Reform of our Federal income tax is long overdue. Special preferences in the law permit far too many Americans to pay less than their fair share of taxes. Too many other Americans bear too much of this tax burden. . . . We must reform our tax structure to make it more equitable and efficient; we must redirect our tax policy to make it more conducive to stable economic growth and responsive to urgent social needs. Much concern has been expressed because some citizens with incomes of more than $200,000 pay no federal income taxes. These people are neither tax dodgers or tax cheats. Many of them pay no taxes because they make large donations to worthy causes donations that every taxpayer is authorized by existing law to deduct from his income in figuring his tax bill. But where we can prevent it by law, we must not permit our wealthiest citizens to be 100 percent successful at tax avoidance. Nor should the Government limit its tax reform only to apply to these relatively few extreme cases.(NYT, April 22, 1969)



The Reagan Administration
During the Reagan Administration, the AMT was raised as a way to increase tax revenue and reduce the deficit. It was also during this administration that the Corporate AMT was introduced.


eHow.com http://www.ehow.com/facts_5020094_history-alternative-minimum-tax.html#ixzz1FnHSmUy3

 

[ragincaucasian]

time to invoke the "did you ever serve in the military" defense....

 

[izabelplayer]

oh tax you hate it but you still got to complete it every year.

 

[Trident1]

The Nixon Administration hinted broadly yesterday that it will seek to make the rich--or least some of them to pay more taxes. "I think the American People are saying something and the message is getting through," a Treasury spokesman said, claiming that congressmen are getting a large volume of mail protesting the fact that some wealthy individuals escape income taxation altogether.

In April 1969 the Nixon Administration presented its proposal for tax reform to Congress. The measure was accompanied by this message:

Reform of our Federal income tax is long overdue. Special preferences in the law permit far too many Americans to pay less than their fair share of taxes. Too many other Americans bear too much of this tax burden. . . . We must reform our tax structure to make it more equitable and efficient; we must redirect our tax policy to make it more conducive to stable economic growth and responsive to urgent social needs. Much concern has been expressed because some citizens with incomes of more than $200,000 pay no federal income taxes. These people are neither tax dodgers or tax cheats. Many of them pay no taxes because they make large donations to worthy causes donations that every taxpayer is authorized by existing law to deduct from his income in figuring his tax bill. But where we can prevent it by law, we must not permit our wealthiest citizens to be 100 percent successful at tax avoidance. Nor should the Government limit its tax reform only to apply to these relatively few extreme cases.(NYT, April 22, 1969)





eHow.com http://www.ehow.com/facts_5020094_history-alternative-minimum-tax.html#ixzz1FnHSmUy3

How does the above alter the fact that the AMT was introduced (in it's current form) in 1978?

The Reagan Administration
During the Reagan Administration, the AMT was raised as a way to increase tax revenue and reduce the deficit. It was also during this administration that the Corporate AMT was introduced.

I could add Clinton's contribution to increasing the AMT in '93 but it's moot to the thread.

 

[meesterperfect]

wow, defend carter no matter what.
the man was a saint, a saint I tell ya.

 

[maildude]

Jesus...that was, like, 350 years ago!

 

[Hot Mega]

Oh we're back to the B-2 bomber again. I told you that the contract for the stealth bomber was awarded by Reagan to Northrop/Boeing in October 1981. That's fact. Stealth bomber designated B-2 during Reagan........not Carter.

Unbelievable. The very first contract awarded for a stealth aircraft was for the F-117 (a bomber in spite of the 'F' designation) in '78 under Carter.

You know this yet more double speak in trying to fit the B-2 into the discussion.

With respect to the B-2 and Carter....Carter cancelled the B-1 because of his intent to add the B-2 to inventory. Had Carter been re-elected he would have followed through on contracting what would become the B-2 no different from what Reagan did for the FY '82 budget (Oct '81). Had the aircraft been ready for FSP before Oct '80 it would have been contracted as part of Carter's FY '81 budget.

The only difference being Carter wouldn't have wasted money in needlessly adding the B-1 too like Reagan did.

 

[xfire]

Love the way dentyne changed the charge from "Carter's Legacy" to "introduced in 1978". Nice teabagging of history there, Chewy.

 

[Rey C.]

I'm not even sure what this thread is about, other than someone feeling the need to bring up Jimmy Carter... when there have been six Presidents since he was in office. But anyway, the major complaint about the AMT is not that it exists, but that it is not indexed for inflation. And because of that, more people stand to be caught in that sandtrap, that originally weren't intended to be. Any of the six Presidents since Carter could have worked to correct that. But I'm not aware that any of them made a serious effort.

He was probably the nicest man to occupy the White House in my lifetime. But I wasn't a fan of the Carter Presidency (good man - bad President, IMO). But with that said, I do find it curious that right wingers squeal & whine whenever someone brings up the legacy of Bush II being the near collapse of the American economy and way of life. They say that "it's time to move forward and stop blaming the guy who was in office when all this went down." But THEN, they'll go back in time, revise history (and the facts) and want to talk about a guy who was President 35 years ago.

I love a good debate. But when the rules are fluid and keep changing, depending on who is being talked about, it's really pointless.

 

[Trident1]

Love the way dentyne changed the charge from "Carter's Legacy" to "introduced in 1978". Nice teabagging of history there, Chewy.

The AMT is Carter's legacy.




Mega you're wrong again.


http://www.456fis.org/LOCKHEED_-_MARTIN_F-117.htm


The F-117 receives it's designation F-117A Nighthawk in Reagan's first term in Oct '82.

"...SENIOR TREND 787 was the first of the black aircraft to be flown by the 4450th, making its first operational flight on 15 October 1982. By Christmas, several more SENIOR TRENDs had been delivered to TTR, and the F-117A Nighthawk, as the aircraft had been formally named, was in business."


Interestingly enough Carter cancelled the B-1, an aircraft that had a radar signature 1/50 the size of the B-52. Despite Carter's decision the AF continues B-1 research and flight testing.

 

[xfire]

I would say that giving the Panama Canal back was a bigger shit stain. AMT would work great if Reagan/Bush/Clinton/Bush/Obama had done something about adjusting it for inflation. Carter didn't conceive the idea, nor has Carter kept it alive.

 

[Trident1]

I would say that giving the Panama Canal back was a bigger shit stain. AMT would work great if Reagan/Bush/Clinton/Bush/Obama had done something about adjusting it for inflation. Carter didn't conceive the idea, nor has Carter kept it alive.

No it was Johnson's initial idea to catch the super rich from using loopholes. The Minimum Tax becomes the Alternate Minimum Tax after the Tax Reform 1978.
All the AMT does is punish the middle class. It doesn't need to be reformed, it needs to be axed.

 

[StanScratch]

Let us just say, for the hell of it, that is was passed by the Democrats.
How come none of those heroic Republicans afterwards (Reagan, the Bushes, Newt, et al) did anything about it? Hell, five years ago, the Republicans had the House and both branches of Congress. Would have been a hell of an opportunity to get rid of it, right? Right?

 

[CunningStunts]

Let us just say, for the hell of it, that is was passed by the Democrats.
How come none of those heroic Republicans afterwards (Reagan, the Bushes, Newt, et al) did anything about it? Hell, five years ago, the Republicans had the House and both branches of Congress. Would have been a hell of an opportunity to get rid of it, right? Right?

Ahhhh... there's a simple political fact, one that is inescapable: You can't take back something from "the people" once given. It's political suicide, even if it's the right thing to do and everyone knows it. :2 cents:

 

[Trident1]

Let us just say, for the hell of it, that is was passed by the Democrats.
How come none of those heroic Republicans afterwards (Reagan, the Bushes, Newt, et al) did anything about it? Hell, five years ago, the Republicans had the House and both branches of Congress. Would have been a hell of an opportunity to get rid of it, right? Right?

Both sides promise to get rid of it but so far no one has. Just axe the damn thing. Trying to figure out the directions to the stupid thing is impossible. It's beyond complicated.

 

[Rey C.]

Ahhhh... there's a simple political fact, one that is inescapable: You can't take back something from "the people" once given. It's political suicide, even if it's the right thing to do and everyone knows it. :2 cents:

That's not entirely true though. Reagan signed a tax measure which disallowed the accelerated depreciation schedule that real estate investors had used for years. It didn't endear him to the real estate and banking communities. But no one screamed for his head either. Because of that act, commercial and investment real estate took a massive hit in the years that followed. I remember that very well because it affected several deals that I was involved in, that we struggled to get closed by Dec. 31, 1986.

Again, I really don't know what Trident is on about. But the reason that many real estate investors become subject to the AMT is because of Mr. Ronald W. Reagan... not Carter, Ford, Clinton, Bush or anybody else. There are certain (very limited) cases where real estate investors can still use the Accelerated Cost Recovery System. But doing so puts you in the IRS's AMT crosshairs because of Reagan's signing of the Tax Reform Act of 1986. Unless you happen to enjoy sending your lawyer's and accountant's kids through college, it's best to just use the straightline method/Modified Accelerated Cost Recovery System.

IMO, what needs to be done is a thorough job of tax reform in the U.S. It should not be THIS damn hard, stressful and expensive for individuals and small business owners to file their annual tax forms! And it also should not be the case that Fortune 500 companies are able to game the system, so that they pay rates lower than upper middle class individuals. But since lobbyists are the ones who actually make policy in Washington, D.C., I'm not holding my breath for that to happen. But if done properly, the corporate tax rate in the U.S. could actually be cut, yet the collected tax revenue could be more than it is now! And businesses (large and small) would benefit, because they wouldn't have to devote hundreds, if not thousands, of man hours to tax planning and preparation. I know. I know... :horse:

 

[rjdogma]

When you're in a hole, stop digging.

 

[Trident1]

Again, I really don't know what Trident is on about.

My disgust that the AMT was ever put onto this Earth in 1978. I'm not a real estate investor Rey.