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Keyword: amt

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  • America Needs an Alternative Maximum Tax

    They keep coming back, like the villains of a good zombie movie, chanting "more taxes, more taxes." Long ago, Congress passed the alternative minimum tax, or AMT—a simple flat rate to ensure that in an insanely complex tax code, no one escapes paying something. Now we need an alternative maximum tax as a simple, rough-and-ready way to limit the tax zombies' economic damage. Call it the AMaxT. With Monday's deadline for filing tax returns looming, let's start a national conversation: How much is the most anyone should have to pay? When do taxes indisputably start to harm the economy and...
  • Piecing Together a Tax Plan’s Effects (we've been had)

    01/04/2013 5:45:25 PM PST · by Kennard · 17 replies
    New York Times ^ | January 2, 2013 | RON LIEBER
    It is tempting for people who earn less than $400,000 to think that they got off easy this week under the tax deal to end the fiscal impasse, given that only those with incomes above that level will be in a higher income tax bracket in 2013. But the legislation that both houses of Congress have now approved could increase taxes on people with incomes that are not quite that high as well. That’s because the bill includes language that begins to do what both President Obama and Mitt Romney proposed at various points in the past: Limit certain tax...
  • The AMT, Bush Tax Cuts, and my CPA Meeting (must read Vanity)

    11/30/2012 1:27:37 PM PST · by taildragger · 18 replies
    taildragger | 11/30/2012 | taildragger
    Folks, Spent more than an hour with my favorite CPA to run through some tax planning scenarios of what will happen to my family w/ the what ifs. She tweaked or found out how to do so, i.e. turn off "The Patch" with her tax planning software. Many clients are coming in to find out what the news is.... If the AMT is fixed this year we are up 600 Fed, minus 300 ish for the State so net ahead... If the AMT isn't fixed for 2012 we owe $2,800 ish.... If the Bush cuts lapse and AMT fixed for...
  • ‘Fiscal Cliff’ Could Put Millions of Taxpayers Into ‘AMT Shock’ [$33,750 - $45,000 /yr]

    11/29/2012 11:31:01 AM PST · by Red Badger · 43 replies
    CNBC ^ | Published: Thursday, 29 Nov 2012 | 11:24 AM ET | By: Mark Koba
    One of the key questions lurking in the "fiscal cliff" talks — though well below the public's radar — is what happens to the alternative minimum tax — or AMT. Implemented in 1969 to make sure upper-income Americans pay their share of taxes, the AMT has increasingly snared more middle-income Americans over the years because it was never indexed for inflation. During the 2011 tax year for example, the higher tax hit single taxpayers with incomes as low as $48,450 and joint filers making only $74,450. But millions more Americans could be subject to the AMT in their 2012 returns...
  • Millions could be left in dark over AMT

    11/27/2012 3:26:21 AM PST · by taildragger · 16 replies
    Investment News ^ | November 25, 2012 | Editorial
    Taxpayers probably won't have a clear idea of their 2012 tax obligations until the last minute this year — and possibly not even then. They could find themselves owing several thousand dollars in income tax that they didn't plan for and may not be able to afford.
  • Make sure Obama supporters get what they voted for

    11/07/2012 12:38:24 PM PST · by Starman417 · 34 replies
    Flopping Aces ^ | 11-07-12 | DrJohn
    Fiscal cliff: “Fiscal cliff” is the popular shorthand term used to describe the conundrum that the U.S. government will face at the end of 2012, when the terms of the Budget Control Act of 2011 are scheduled to go into effect. Among the laws set to change at midnight on December 31, 2012, are the end of last year’s temporary payroll tax cuts (resulting in a 2% tax increase for workers), the end of certain tax breaks for businesses, shifts in the alternative minimum tax that would take a larger bite, the end of the tax cuts from 2001-2003, and...
  • Middle class faces quick impact from fiscal cliff in form of alternative minimum tax

    11/05/2012 7:34:10 AM PST · by Timber Rattler · 11 replies
    The Washington Post ^ | November 4, 2012 | Lori Montgomery
    The best hope for a deal to avoid the “fiscal cliff” may lie with the alternative minimum tax, an obscure provision of the tax code that is about to become alarmingly relevant to millions of middle-class taxpayers. Unless Congress acts by the end of the year, more than 26 million households will for the first time face the AMT, which threatens to tack $3,700, on average, onto taxpayers’ bills for the current tax year. Because those people have never paid the AMT, they have no idea they are in its crosshairs — put there by a broader stalemate over tax...
  • Keeping Your Balance: 2012 and the end of the ‘Bush-era tax cuts’

    10/07/2012 7:56:40 PM PDT · by Behind Liberal Lines · 19 replies
    Copyright © 2012, The Daily Record. ^ | Posted: 1:13 am Fri, October 5, 2012 | By Burton S. Speer
    Without congressional action, at the end of 2012 the so-called “Bush-Era tax cuts” will expire, impacting nearly all taxpayers. Bush-Era tax cuts is the term generally used for the 2001 and 2003 Tax Reconciliation Acts. These changes were to last only 10 years, but a 2010 Tax Act extended the cuts until the end of 2012.... Let’s take a look at the following couple. They are doing well, having combined wages of $125,000. They have 2 young children, $2,000 of capital gains, and $500 of dividend income. Under current rules, they would have a federal income tax of $15,810. However,...
  • Why Your 2012 Tax Bill May Jump By $8,000

    02/04/2012 9:37:56 AM PST · by Qbert · 76 replies
    Daily Finance ^ | 02/03/12 | DAN CAPLINGER
    From Mitt Romney to Warren Buffett, people are clamoring for fairer taxes. But thanks to yet another lapse by our lawmakers in Washington, more than 20 million taxpayers may pay a tax that was originally designed to hit only the ultra-rich -- and the increase could cost you as much as $8,000. When it was first designed, the alternative minimum tax, or AMT, was meant to make taxes more fair. The idea behind the AMT was to make sure that rich people didn't use deductions to zero out their taxes every year. Because of inflation, though, the AMT threatens to...
  • Buffett’s math is a bit off

    09/20/2011 10:41:34 AM PDT · by Hunton Peck · 18 replies
    NEW YORK POST ^ | September 20, 2011 | S.A. MILLER
    WASHINGTON -- Billionaire investor Warren Buffett isn’t as undertaxed as he and President Obama seem to think. *** Buffett actually was taxed twice on his investment income. First, Buffett had to make the money he invested. Those earnings were taxed as corporate income, at about a 35-percent rate. Then, Uncle Sam took another cut when Buffett invested the money and earned a profit. That’s when Buffett paid the 15 percent capital-gains tax rate. All told, after combining corporate taxes and capital gains taxes, Buffett forked over about 45 percent of his earnings.
  • The Buffett Alternative Tax (The rich don't pay lower average tax rates)

    09/20/2011 5:20:38 AM PDT · by markomalley · 3 replies
    WSJ ^ | 9/20/11 | Paul Gigot
    Washington has repeated nearly every economic policy mistake of the 1930s in recent years, so why not repeat one of the bigger blunders of the 1960s too? We refer to President Obama's proposal yesterday for a new "Buffett Rule" to raise taxes on Americans earning more than $1 million a year. This may sound familiar to readers of a certain age, because it is how the current, and much-hated, Alternative Minimum Tax was born. Mr. Obama, meet Joe Barr. As LBJ's last Treasury Secretary—he served only 30 days—Barr became famous for his January 1969 testimony before Congress that 21 millionaires...
  • Obama's "Buffett Tax" Sham

    09/19/2011 1:34:08 PM PDT · by Kaslin · 10 replies
    Townhall.com ^ | September 19, 2011 | Guy Benson
    Today the president will unveil a multi-trillion-dollar deficit reduction package, which reportedly includes hundreds of billions of dollars in tax increases.  These tax hikes could top $1.2 Trillion -- a figure that includes the $800 Billion in tax increases the president's plan will propose, plus the price tag for his unpaid-for $450 Billion "jobs plan."  Careful -- these numbers should not be confused with the additional record-shattering $800 Billion across-the-board tax increases scheduled to take effect in 2013, when the current Bush rates expire.  Two daunting tax cliffs; so little time.  For a solid overview of why the president's deficit...
  • Analysis examines what it's like to be a 'rich' family in America

    12/10/2010 4:06:28 PM PST · by KingofZion · 24 replies
    Fiscal Times via Washington Post ^ | December 10, 2010 | Karen Hube
    In the heated battle over extending the expiring Bush-era tax cuts, a single number has emerged from the crossfire: $250,000. It's the annual income that President Obama and others have repeatedly used to define what it means to be "rich" in America today. And even though a tentative deal has been reached on the cuts, $250,000 is etched in the minds of policymakers and pundits as the number that separates the middle class from the wealthy. By most measures, a $250,000 household income is substantial. It is six times the national average household income, and just 2.9 percent of couples...
  • 23 Million Americans Hit by a Tax Hike, But They May Not Know It Yet

    10/06/2010 12:05:46 PM PDT · by WOBBLY BOB · 15 replies
    CNS ^ | 10-5-10 | Doug Joseph
    (CNSNews.com) - Almost 23 million American households are about to have their federal taxes raised by an average of $3,900 this year, but they may not know it yet. They could get a big surprise when they prepare their tax returns next year. Among those subject to this already-in-place tax increase are some families making less than $50,000 per year, and virtually all married couples earning between $100,000 and $500,000 a year, according to data published by the Congressional Budget Office. The looming tax hike is contrary to President Barack Obama's repeated promise not to increase taxes on any individual...
  • 120 Days to Go Until the Largest Tax Hikes in History

    09/03/2010 8:32:36 AM PDT · by george76 · 3 replies
    Americans for Tax Reform ^ | September 3, 2010 | Ryan Ellis
    They will hit families and small businesses in three great waves on January 1, 2011: First Wave: Expiration of 2001 and 2003 Tax Relief... Personal income tax rates will rise...Higher taxes on marriage and family. Second Wave: Obamacare There are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011... Third Wave: The Alternative Minimum Tax and Employer Tax Hikes When Americans prepare to file their tax returns in January of 2011, they’ll be in for a nasty surprise—the AMT won’t be held harmless, and many tax relief provisions will have expired....
  • California Flails Away Once More

    08/09/2010 5:28:37 AM PDT · by Kaslin · 12 replies
    Townhall.com ^ | August 9, 2010 | Bruce Bialosky
    California still faces a $19.1 billion deficit. The budget is over a month late, no negotiated compromise is in sight, and worst of all, no serious minds in Sacramento are even considering long-term solutions. What we usually get instead are short-term gimmicks, the most recent one now has been presented as part of the Democratic proposal to balance the budget. Darrell Steinberg, Democrat and Senate President Pro Tempore (leader), is suggesting a tax shift. His proposal cuts the state sales tax rate by 1.75% and raises income tax rates and car license fees to offset the sales tax reduction. This...
  • Hello AMT

    04/26/2010 2:32:28 PM PDT · by Graybeard58 · 12 replies · 819+ views
    Waterbury Republican-American ^ | April 26, 2010 | Editorial
    Back when he was running for president, Barack Obama vowed he'd never, ever raise taxes on individuals earning less than $200,000 a year or families earning less than $250,000. But of course he wasn't speaking for his allies in the Senate, who last Wednesday revealed a plan that would hit more than 30 million people with tax increases averaging $3,700 a year, starting in 2012. The vehicle would be the alternative minimum tax. Enacted four decades ago, the AMT was never indexed for inflation, so every year it potentially applies to more people who would have been considered wealthy in...
  • Congress lets 50 tax breaks expire at end of ’09

    01/01/2010 2:06:26 PM PST · by jan in Colorado · 32 replies · 2,200+ views
    Forbes.com ^ | 12-22-2009 | Ashlea Ebeling
    When members of the U.S. Senate finally head home this week, they will be leaving the future of 50 individual and business tax breaks in limbo. All expire at the end of 2009. Among the disappearing breaks are the research tax credit and an annual alternative minimum tax "patch," which keeps 23 million additional middle-income Americans from being forced into calculating and paying the dreaded AMT. (For 2009, with the patch in place, 4 million upper-middle- and high-income families will pay AMT.)
  • U.S. Muslim Coalition Applauds President's Address in Turkey

    04/06/2009 6:15:41 PM PDT · by 2ndDivisionVet · 20 replies · 705+ views
    PR Newswire ^ | April 6, 2009 | Dr. Agha Saeed
    President Obama: America 'is not and will never be at war with Islam' WASHINGTON, April 6 /PRNewswire-USNewswire/ -- The American Muslim Taskforce on Civil Rights and Elections (AMT), a coalition of major national Islamic organizations, today applauded President Obama's Monday address to the Turkish parliament. SEE: In Turkey, Obama Stresses Partnership, Peace (Washington Post) http://tinyurl.com/claejt A statement issued today at a press briefing at the National Press Club in Washington, D.C., read in part: "We applaud President Obama's remarks and hope that they are a sign of improved relations between America and the Muslim world. In his speech, President Obama...
  • A Tale of Two Taxes

    03/26/2009 8:33:25 PM PDT · by Scanian · 251+ views
    The American Spectator ^ | March 26, 2009 | J.T. Young
    For Washington's tax writers, it is the best of times and the worst of times. On one hand, the alternative minimum tax, which has created political angst for years running, has already been "patched" for another year. On the other, a looming debate over the estate tax could be even more politically charged. Examining these two taxes -- with important similarities but a fundamental difference -- yields great insight into the dynamics of U.S. tax policy. Perennially "patched" to negate its unintended ensnaring of middle-income earners, the AMT has become the tax world's Sisyphean task. Its sizable cost -- and...
  • Obama's rude shock to 6 figure earners (No DUH!)

    02/28/2009 8:02:01 AM PST · by MAD-AS-HELL · 122 replies · 3,850+ views
    NEW YORK (Fortune) -- During the presidential campaign, Barack Obama tempered his pledge to substantially raise taxes for high earners with an important proviso: He'd simply restore rates to their levels during the Clinton Administration. The implication was that families in the upper brackets would see their total tax bite go back to the levels of the 1990s, but no higher. Now, it sure looks like Obama is reneging on that promise. The burden will indeed go far higher than in the Clinton years via a technicality -- one that will come as a rude shock even to the taxpayers...
  • BIG TAX BREAK: WORKERS GET $13 MORE A WEEK

    02/11/2009 4:32:23 PM PST · by hercuroc · 68 replies · 2,467+ views
    Q: What are some of the tax breaks in the bill? A: It includes Obama's signature "Making Work Pay" tax credit for 95 percent of workers, though negotiators agreed to trim the credit to $400 a year instead of $500 — or $800 for married couples, cut from Obama's original proposal of $1,000. It would begin showing up in most workers' paychecks in June as an extra $13 a week in take-home pay, falling to about $8 a week next January. There is also a $70 billion, one-year fix for the alternative minimum tax. The fix would save some 20...
  • Democrats want tax fix on Obama stimulus bill (middle to upper income tax cut?) Say WHAT?

    01/15/2009 4:09:07 PM PST · by Libloather · 4 replies · 596+ views
    Conn Post ^ | 1/14/09
    Democrats want tax fix on Obama stimulus billConnecticut Post Staff Updated: 01/14/2009 10:08:33 PM EST WASHINGTON (AP) -- President-elect Barack Obama's Democratic allies are trying to use the president-elect's economic recovery bill to extend a tax cut for middle- to upper-income taxpayers despite concerns from his transition team that it won't boost the economy. Rep. Charles Rangel, D-N.Y., Congress' top tax writer, says both House and Senate members feel strongly about using Obama's stimulus package to make the annual fix to the alternative minimum tax to prevent more than 20 million additional tax filers from having to pay it. Making...
  • McCain and Obama tax plans could be problematic

    07/23/2008 6:50:31 PM PDT · by rabscuttle385 · 25 replies · 106+ views
    The Los Angeles Times ^ | 2008-07-24 | Stephen Braun
    WASHINGTON -- The competing tax plans laid out by Sens. Barack Obama and John McCain would both add trillions of dollars to the national debt and could add to the tax system's complexity, a nonpartisan tax research group concluded Wednesday in a newly released report. Both campaigns have asserted that their plans to continue many Bush-era tax cuts and offer new reductions would aid the economy without requiring massive new spending. But the Washington-based Tax Policy Center warned that under either candidate, "the debt would likely continue to rise as it has over the past eight years." Obama's plan --...
  • What If The Tax Code's Two Traps Both Snap Shut At The Same Time?

    07/10/2008 5:41:56 PM PDT · by Kaslin · 19 replies · 127+ views
    IBD Editorials ^ | July 10, 2008 | J.T YOUNG
    With the annual exercise to limit its effect afoot, there is again much consternation over the alternative minimum tax. Forcing ever more taxpayers into a more onerous parallel tax system, the AMT has earned its place as the tax Yet despite elevated publicity, its effect is only a fraction of that coming in 2011 when the 2001 tax cuts expire. In fact both, not simply the AMT, demonstrate a tax system completely awry and two tax increases that must be avoided. The AMT is a prime example of government compounding problems it created. Conjured into its first incarnation in 1969,...
  • Reid rebuffs Republicans on AMT fix

    07/01/2008 1:20:26 PM PDT · by smithone · 50 replies · 137+ views
    The Hill ^ | 7/1/08 | J. Taylor Rushing
    Senate Majority Leader Harry Reid (D-Nev.) on Tuesday shot down a Republican attempt to pressure the chamber into supporting a tax package and Alternative Minimum Tax patch this month, saying the provisions must first be funded. Reid spokesman Jim Manley responded to a letter from Minority Leader Mitch McConnell (R-Ky.) and ranking Finance Committee member Chuck Grassley (R-Iowa), who had written Reid to press for action on those ideas before Congress’s next recess in August. “Sen. Reid shares the desire to complete work on the tax extender/energy tax incentives bill before the August recess,” Manley said. “However, it is puzzling...
  • House approves middle-class tax relief bill

    06/25/2008 2:17:59 PM PDT · by devere · 23 replies · 86+ views
    Reuters ^ | June 25, 2008 | Donna Smith
    The House of Representatives on Wednesday approved a bill that would protect about 25 million taxpayers from paying a tax that originally was meant for only the very wealthy. The House passed the alternative minimum tax relief bill on a vote of 233-189 over the objections of the White House, which does not like its revenue raising measures. One provision would require private equity fund managers to pay ordinary income taxes, as high as 35 percent, on their earnings instead of the 15 percent capital gains rate they now pay. That would raise nearly $31 billion over 10 years. "The...
  • Farewell to spending discipline

    When Speaker Nancy Pelosi took charge of the House in January, she pledged that Democrats would fight deficit spending and "restore pay-as-you-go budget discipline." Amid much fanfare, the new Democratic House passed a "pay-as-you-go" budgeting rule that required Congress to offset any spending increases or tax cuts. On Dec. 19, "pay-go" bit the dust. On that day, the House passed a bill to protect more than 20 million American households from an increase in the alternative minimum tax - without offsetting the $50 billion in lost revenue as pay-go promised. The 352-64 House vote followed an 88-5 Senate vote to...
  • McCain outlines tax plan

    12/22/2007 11:35:47 PM PST · by Norman Bates · 106 replies · 405+ views
    Union Leader (NH) ^ | 12/19/07 | Jim Devine
    SALEM – Presidential candidate Sen. John McCain outlined a detailed tax plan that he said would put $60 billion back in the pockets of middle class families in the first year he'd be President. The plan described as a "pro-growth" tax policy emphasized keeping taxes low for the middle class as well as for entrepreneurs who McCain said are responsible for creating jobs from market innovations. Speaking in front of an audience of about 100 people at Andover Corp., a company specializing in optical filter technologies, McCain outlined needs for tax reform to an income tax code that's become "disgraceful...
  • Millions spared from minimum tax

    12/20/2007 3:58:06 PM PST · by george76 · 29 replies · 59+ views
    The Associated Press ^ | December 20, 2007
    More than 20 million families will be spared an extra $2,000 tax hit on average after Congress excluded them from a higher alternative tax originally aimed at untaxed multimillionaires. An eleventh-hour 352-64 vote on Wednesday to put a one-year freeze on growth of the alternative minimum tax shields many middle- and upper-middle- income taxpayers from first exposure to the tax. In 2006, it affected 4 million. President Bush plans to sign the bill into law. Republicans, backed by a presidential veto threat against any tax increase, insisted that the AMT was never meant to affect millions of people and thus...
  • AMT Escape!

    12/20/2007 12:23:55 AM PST · by bruinbirdman · 11 replies · 134+ views
    Forbes ^ | 12/19/07 | Brian Wingfield,
    Congress votes 20 million taxpayers a break. So why are Nancy Pelosi and the Democrats so bummed? It's going to be a blue Christmas for Democrats in Congress--but not for some 20 million taxpayers who narrowly escaped being ensnared by the alternative minimum tax (AMT) this year. Before closing up shop for 2007, the House of Representatives Wednesday abandoned its strict budgetary rules, voting 352-64 to keep the AMT from rippling across America's upper-middle class. But this AMT "patch" adds more than $50 billion to the federal deficit, the latest in a string of legislative defeats for Democrats, who rode...
  • Live thread - Vote in House on fix of Alternative Minimum Tax

    12/19/2007 12:57:44 PM PST · by jaredt112 · 49 replies · 221+ views
    House is voting on fix to the AMT for 2008. Vote just started, live on CSPAN. Senate passed a similar bill about two weeks ago..
  • Senate Moves Toward Vote on AMT

    12/18/2007 3:36:25 PM PST · by SmithL · 7 replies · 66+ views
    AP via SFGate ^ | 12/18/7 | JIM ABRAMS, Associated Press Writer
    WASHINGTON, (AP) -- The Senate on Tuesday prepared to take another shot at blocking an Alternative Minimum Tax increase, the latest move in a seesaw struggle between the House and Senate over how to prevent millions of middle-class people from getting soaked by the tax this year. Senate passage could set the stage for a final House vote Wednesday, with Democrats acceding to White House demands that Congress pass an AMT fix without imposing some $50 billion in new taxes, mainly by closing loopholes on offshore tax havens, to make up for lost revenue. The two chambers for weeks have...
  • Understanding the alternative minimum tax delay

    12/17/2007 6:26:54 PM PST · by Graybeard58 · 8 replies · 446+ views
    McClatchy Washington Bureau ^ | December 17, 2007 | Kevin G. Hall |
    WASHINGTON — President Bush on Monday pushed Congress to pass a one-year fix to the "alternative minimum tax," which threatens to hit 23 million tax filers, warning that failure to do so could delay $75 billion in tax refunds next year. The alternative minimum tax, or AMT, is calculated alongside the income tax, with the taxpayer paying the higher of the two calculations. The AMT was passed in 1969 in a bid to close tax shelters for filers with incomes above $200,000, the equivalent of $1.2 million today. But it wasn't indexed to rise with inflation, so what was a...
  • House Passes Tax Relief

    12/12/2007 4:52:42 PM PST · by SmithL · 18 replies · 631+ views
    AP via SFGate ^ | 12/12/7 | JIM ABRAMS, Associated Press Writer
    WASHINGTON (AP) -- Confronting the Senate and White House, House Democrats for a second time passed tax relief for 21 million people, going after companies and hedge fund managers that shelter money offshore. The vote Wednesday was a near party-line 226-193. The White House responded with a veto threat and the Senate's top Republican said the House approach to fixing the alternative minimum tax was unacceptable. "The Senate will not pass a short-term fix for some, if it includes a permanent massive tax hike for others," said Sen. Mitch McConnell, R-Ky. But House Speaker Nancy Pelosi, D-Calif., said it was...
  • Dems and GOP deadlocked as adjournment draws near

    12/12/2007 8:50:16 AM PST · by Ernest_at_the_Beach · 46 replies · 713+ views
    The Hill ^ | December 12, 2007 | Alexander Bolton
    Congress has been brought to a grinding halt by hardening Democratic and Republican stances on taxes and spending just days before lawmakers begin leaving Washington for Christmas and New Year’s. The two sides are, in some cases, refusing even to speak to each other about the massive omnibus and an Alternative Minimum Tax (AMT) bill. Senate Republicans refused to meet Democrats Tuesday on spending and House Democrats rejected the Senate’s AMT “patch,” preparing a new version paid for with corporate tax increases. Senate Minority Leader Mitch McConnell (R-Ky.) countered the majority’s plans with a proposal that would require Democrats to...
  • Alternatives to a bad-tax policy

    12/12/2007 1:03:24 PM PST · by SmithL · 14 replies · 280+ views
    San Francisco Chronicle ^ | 12/12/7 | Editor
    The Alternative Minimum Tax may be the all-time winner of Good Ideas Gone Bad award. Written to make sure tax-dodgers didn't pile up deductions to escape the IRS, it's now threatening to sweep in 25 million taxpayers, up from four million last year. This headache of a tax grew in scope thanks to inflation and rising incomes as lower-earners graduated into a higher tier. But it's also provided a stage for Congress to display a knack for feuding instead of fixing. The result could be a longer tax season, ample confusion and deepening voter resentment. Since it was passed in...
  • Congress races deadline to fix AMT (tax hits NJ the hardest)

    12/09/2007 8:26:39 PM PST · by Coleus · 12 replies · 198+ views
    northjersey.com ^ | December 2, 2007 | HERB JACKSON
    Chart: Percentage of taxpayers paying the alternative minimum tax, by townA federal tax originally designed to prevent the super-rich from avoiding taxes altogether continues to dun more and more of North Jersey, including thousands of families earning less than $100,000.  The latest data from the Internal Revenue Service shows a dramatic increase in the number of North Jersey families required to pay the alternative minimum tax, which produces higher bills than the regular income tax.  New Jersey is home to the highest percentage of AMT payers in the nation.There is general agreement in Congress that the AMT is growing...
  • GOP rejects Democratic AMT deal

    12/06/2007 4:37:51 PM PST · by paltz · 200 replies · 141+ views
    thehill.com ^ | 12/6/07 | Jessica Holzer
    Republicans have rejected a request by Majority Leader Harry Reid (D-Nev.) that the Senate approve by unanimous consent a one-year patch to the Alternative Minimum Tax (AMT) with no accompanying tax increases. Democrats quickly made political hay of the GOP move, which contradicted earlier Republican calls for extending tax relief with no offsets. Sen. Max Baucus (D-Mont.) blamed Republicans for obstructing tax relief, and called Reid’s request a “huge concession” on the part of Democrats. “If the AMT hits more taxpayers next year, it’s because of the Republican caucus. That’s clear,” said Baucus, who chairs the Senate’s tax-writing committee. Sen....
  • Senate-Passed Bill Blocks Tax Increase

    12/06/2007 4:59:28 PM PST · by SmithL · 6 replies · 50+ views
    AP via SFGate ^ | 12/6/7 | JIM ABRAMS, Associated Press Writer
    WASHINGTON, (AP) -- The Senate voted Thursday to block a looming tax increase averaging $2,000 for millions of taxpayers after Senate Republicans succeeded in thwarting a Democratic plan to also raise taxes on investors. The Senate bill, passed 88-5, provides a one-year fix for the alternative minimum tax but without matching the cost of the tax relief with new tax revenues. Without the fix, an estimated 25 million people would be subject to the higher AMT tax, up from 4 million in 2006. The Senate vote puts it at odds with the House, where Democratic leaders, under a principle of...
  • Ducking The AMT

    12/05/2007 5:50:28 PM PST · by Kaslin · 16 replies · 313+ views
    IBD ^ | December 5, 2007
    Taxes: For a supposed lame duck, President Bush has managed to shield the country from the Democratic Congress' price of new taxes to stop the alternative minimum tax. Standing for principle works wonders.High-ranking Democrats in Congress seem to have come to the conclusion that, as Elvis might have put it, you can knock middle-class taxpayers down, step in their face, slander their names all over the place. Just don't step on their blue suede tax-refund checks. The Treasury Department has warned that the longer Congress delays fixing the AMT, the later some $75 billion in refunds, averaging thousands of dollars...
  • A day in the life of President Bush (photos) 12- 4- 2007

    12/04/2007 6:06:34 PM PST · by Kaslin · 88 replies · 668+ views
    This morning President Bush gave a Conference to the press in the James S. Brady Press Briefing Room Transcript> Enoy your visit to Sanity Island
  • No Deal on Alternative Minimum Tax

    12/04/2007 4:17:22 PM PST · by SmithL · 26 replies · 84+ views
    AP via SFGate ^ | 12/4/7 | JIM ABRAMS, Associated Press Writer
    WASHINGTON, (AP) -- The Senate on Tuesday failed to come up with a plan for blocking an unpopular tax that could affect millions of taxpayers and already is causing disruptions in preparations for the upcoming tax filing season. Senate Democratic and Republican leaders, while agreeing that Congress must act immediately to stop the alternative minimum tax from hitting some 25 million taxpayers in 2007, up from 4 million in 2006, mutually rejected plans from the other side on how to proceed. "We all know this is a pernicious tax, a stealth tax," Senate Finance Committee Chairman Max Baucus, D-Mont., said....
  • Millions of Tax Refunds Could Be Delayed

    12/02/2007 4:19:40 AM PST · by Virginia Ridgerunner · 20 replies · 72+ views
    AP, via Yahoo! News ^ | December 1, 2007 | Jill Abrams
    WASHINGTON (AP) -- Silena Davis had counted on an early tax refund to pay for getting her teeth fixed. Now, because Congress has dawdled all year on a tax bill, she and millions of other early filers could have to wait extra weeks for refunds that last year averaged $2,291. The Internal Revenue Service is looking hard at delaying the start of its filing season, set to kick off on Jan. 14, if Congress fails to pass legislation in the next two weeks. At issue is how to handle what could be a dramatic increase in the number of people...
  • Taxaholics Anonymous (BDS on steroids--Hurl Alert)

    11/28/2007 1:01:57 PM PST · by 2ndDivisionVet · 21 replies · 65+ views
    The Nation ^ | Annabelle Gurwitch
    Hi, my name is Annabelle, and I'm a taxaholic. It's hard for me to admit this, but I think it's time to own up: I'm powerless over the idea that taxes are not a bad way to fund programs that might do some good for our country. My addiction has really gotten the better of me now that Bush has vetoed Congress's main social spending bill, which was to fund admittedly unworthy social endeavors like cancer research, mine safety, job training and Head Start. I'm sure you've all heard this tale over and over again. My problem started at parties...
  • The Coming Pay Cut

    11/19/2007 5:43:37 AM PST · by .cnI redruM · 79 replies · 76+ views
    The Minority Report ^ | 19 November 2007 | .cnI redruM
    Charles Rangel has offered up his prescription for tax reform. He refers to it as “The Mother of All Tax Bills.” He claims that his bill restores tax fairness and makes the wealthy pay “their fair share.” This congressional balloon juice is not only disingenuous, it is also wrong. What Charlie Rangel proposes is the Mother of all unjustified pay cuts. By repealing the tax cuts passed by George W. Bush, Charles Rangel takes thousands of dollars out of the pockets of the average American wage earner. In the State of Virginia, Rangle’s Bill will cost the average family $2,487....
  • Congressional Tax Blundering

    11/23/2007 1:32:29 AM PST · by gpapa · 4 replies · 136+ views
    RealClearPolitics ^ | November 22, 2007 | Robert Novak
    WASHINGTON -- Habitual congressional gridlock usually has no impact on the lives of ordinary Americans. But what happened on the Senate floor last Friday just before lawmakers recessed for their Thanksgiving break will delay tax refunds next year for some 50 million taxpayers who count on them. The underlying reason is a 38-year-old congressional tax blunder that never has been corrected. In 1969, Congress passed the alternative minimum tax (AMT) to collect from 155 tax-avoiding millionaires. But because the scheme was not indexed for inflation, this year alone it would hit 23 million extra people with taxes higher than intended....
  • Bush: 'Alternative Minimum Tax' Must Be Fixed

    11/18/2007 8:31:08 AM PST · by EagleUSA · 10 replies · 49+ views
    CNN ^ | 11/18/2007 | EagleUSA
    WASHINGTON (AP) -- President Bush demanded Saturday that Congress send him legislation that keeps middle-class Americans from being hit at tax time next year by the dreaded alternative minimum tax. Bush says because the IRS had to send 2007 tax forms to be printed before AMT is resolved, many forms will be wrong. That's not likely to happen anytime soon. Congress has adjourned for the Thanksgiving holiday. The legislation is muddled in the House and Senate. And Bush has threatened to veto any bill that raises taxes as a way of fixing the tax, known in shorthand as AMT. "I...
  • Bush Demands Congress Send Him Legislation to Fix Alternative-Minimum Tax

    11/17/2007 10:54:26 AM PST · by shrinkermd · 6 replies · 52+ views
    Wall Street Journal ^ | 17 November 2007 | Associated Press and WSJ
    President Bush demanded Saturday that Congress send him legislation that keeps middle-class Americans from being hit at tax time next year by the dreaded alternative-minimum tax. That's not likely to happen anytime soon. Congress has adjourned for the Thanksgiving holiday. The legislation is muddled in the House and Senate. And Mr. Bush has threatened to veto any bill that raises taxes as a way of fixing the tax, known in shorthand as AMT. "I will veto any bill that raises taxes as a condition of fixing the AMT," Mr. Bush said in his weekly radio address. "Members of Congress must...
  • Get Ready for Possible Refund Delays Congress Gridlock On New Tax Bill Could Trip Up IRS

    11/14/2007 8:21:03 AM PST · by Brilliant · 28 replies · 393+ views
    WSJ ^ | November 14, 2007 | TOM HERMAN
    ...Internal Revenue Service officials warn that millions of people may face delays in having their returns processed next year and getting billions of dollars in refunds. The problem: Congress still hasn't approved temporary relief for many people from the alternative minimum tax, or AMT... Some lawmakers predict Congress probably won't take action until next month. If so, that could spell major trouble, Treasury and IRS officials warn. That's because it takes time for the IRS to reprogram its computerized processing systems to reflect last-minute changes made in Congress, says Terry Lemons, an IRS spokesman... "As we look at the upcoming...