In what is becoming an every year event, lawmakers patched the alternative minimum tax (AMT) so that it would not collect $50 billion from 23 million taxpayers. The patch adds $50 billion to the deficit, making it just one more mortgage on the future.
Next year, the patch is expected to cost $65 billion.
Deficit projections are based on estimated tax collections. The AMT is part of the projected collection. By enacting one-year fixes, the budget projection never reflects the fact ... Log in to view full article.