It's to extend the concept of the Alternative Minimum Tax to EVERYONE - even the lower middle class. Other than servicemen in war zones and those with huge out-of-pocket medical bills, everyone else should pay at least a portion of their Adjusted Gross Income in taxes - even if it's only 3% or 4%. Nobody earning 40K, 50K or 60K should get off scot free just because they decide to have eight kids or to buy a house they probably can't afford.
These are lifestyle choices that "the rich" should not be asked to foot. We just can't continue to have an economy where 47% of the wage-earnings pay no taxes at all.
This proposal may not be very popular but really it's the only fair solution. The tax base really does need to be broadened and almost everyone needs to pay at least something. But don't look for any of our gutless politicians to endorse something like this that makes such sense.
You nailed it pretty good. He claims to have started investing at age 18 and what does he have? A house in a high crime area the size of a large single wide with a mortgage on it. An annuity that he has tapped to support his losing divestment habit and a POS "automobile".