A nail in the coffin of housing?

Dean Foust

I'm struck by how little attention was paid last week to the proposals released by a special commission Bush created to address the coming train wreck created by the Alternative Minimum Tax. (This is a whole separate story, but in short, Congress created the AMT to ensure that fat cats taking exorbitant numbers of deductions paid a minimum amount of tax. But because the AMT was never indexed for inflation, in coming years a lot of middle-class taxpayers in high-tax states like New York and California are going to suddenly be eligible for the AMT--which will cause their tax burdens to shoot up.)

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