The next time you hear someone say “We need to tax the rich, they are not paying enough”. “We need to tax those super rich they don’t pay enough”
No need to go into to details about how many people don’t pay any taxes or the burden that those who actually pay income taxes pay.
Just ask if they have ever heard of anyone who was hot with the IRS AMT.
This was the last time we tried the “Just Tax the Rich” they created the Minimum Tax which would only impact 155 people.
Today the total is over 600,000. Most with income of $200,000 or less (that we be what we call small business owners).
And of course those Rich they were trying to tax. They just set up trust funds like Governor Dayton’s so they can avoid taxes all together.
The rich can always afford to find ways to shelter or defer income, thus the reason the Warren Buffetts of the world call for these taxes. They know they are not going to impact them.