San Jose, CA (May 30, 2001) - ReformAMT.org, the website at the center of a growing national grassroots movement calling for tax reform and relief after the devastating 2000 tax season, has been launched as the rallying point for taxpayers who exercised employee stock options in their companies and now face financial devastation as a result of their treatment under the Alternative Minimum Tax (AMT).
Located at www.reformAMT.org, the website features information on how to get involved, legislation tracking, message boards, news and educational materials. Most importantly, the site encourages those impacted by AMT to sign up as members and to immediately get involved by joining one of the organization’s committees.
"We’re calling on all who have been impacted by the AMT’s treatment of stock options to join the national grassroots movement at ReformAMT.org," said Jeff Chou, one of the organizers of the ReformAMT effort. "We already have leaders in states all across the country. The new website will act as a rallying point for getting people involved to change this flawed and antiquated law that will threaten thousands of unsuspecting families and endanger America’s competitiveness in key industries. Everyone’s voice matters in whether our efforts succeed."
Created by Congress in the late 1960s, the AMT is a set of complex tax laws meant to prevent the super-wealthy from hiding their assets from the IRS. Although the AMT’s tax on stock options was originally aimed at upper management executives, several industries now have the practice of offering stock options as compensation to middle class workers like secretaries, engineers and middle managers. AMT taxes them on phantom gains based on what the stock was worth at the time they acquired it and not when they sold it. Now, many families now face tax bills several multiples of their annual salaries. All face unnecessary and unjustified financial hardship.
The website was designed, built and will be maintained by a nationwide staff of volunteers who also are victims of AMT.
ReformAMT is a nationwide grassroots effort whose mission is to organize and mobilize support around reforming the Alternative Minimum Tax laws, especially how it pertains to the exercising of Incentive Stock Options, and to obtain tax relief for those who are burdened with tax bills greater than the money they realized from their investments. The Movement is made up of honest taxpayers who are organizing locally and nationally on a volunteer basis to seek legislative action in Congress. For more information and to get involved, visit www.reformamt.org or send an email to firstname.lastname@example.org.