A Wall Street Journal editorial proposes (tongue-in-cheek, I think) that we replace the AMT with the KMT — the Kerry Minimum Tax:

We’ve all heard about the Alternative Minimum Tax, or at least most of us will sooner or later. That convoluted scheme to ensure we can’t use deductions to avoid paying our “fair” share is predicted to ensnare a record 12.3 million taxpayers next year, and between one-quarter and one-third of all filers by 2010.

But the disclosure that Teresa Heinz Kerry paid a federal tax rate of only 12.4% on her income in 2003 has given us a different idea. How about a Kerry Maximum Tax? That is, no taxpayer should have to pay a larger share of his income in taxes than John Kerry and his mega-millionaire spouse, who are after all bidding to become role models as America’s First Couple.