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Buffett Tax Rule: The New AMT  Posted By Jim On 09/19/2011 @
8:13 am In NEWS | 17 Comments  Today’s a big day for the deficit
hunters as President Obama will be proposing a variety of tax
changes (here’s a sneak peek from the NY Times [3]). The most
notable of these change is the introduction of a new tax rate
for people earning more than $1 million a year. At the moment,
the top tax bracket [4] is $379,150. Unfortunately, President
Obama hasn’t given details on what the rate should be, what it
should affect, and has left that as a task to Congress as part
of a larger effort to revamp the tax code.  It sounds a little
like the AMT. When the Alternative Minimum Tax was enacted in
1982 (the version that is in existence today), it was designed
to make sure that the super wealthy paid a minimum tax, despite
all the taxation “options” (read: chicanery) they could employ.
Today, the AMT is pilloried annually because it was never
indexed to inflation. What w