Let it go into affect. REV II comes earlier than expected.
Yeh, but we all know the good consequences will be attributed to the genius of The One and the negative consequences will be blamed on the GOP, Bush, a hurricane, bad hair day, etc. The media is so afraid of this administration,,they don’t dare bark out of turn.
I never plan for a refund and have always raised my withholdings by 1 if I get one. I was looking for that sweet spot where I don’t get a refund and only have to pay a small amount.
I moved my 401(k) to a Roth and got married this year. On top of that, with all the crap going on in DC, the wife and I are preparing for a perfect storm of taxmageddon. I’m preparing for a tax bill well in excess of $10,000.
If the SPENDING is not dealt with NOW, nothing else matters anyway. It will only get worse and continue on until the NEXT FISCAL CLIFF when once again we (as in the taxpayer) is at a CRISIS again.
In all my years of living, there has ALWAYS BEEN A CRISIS that WE need to FIX with OUR money. I can't remember a year without one. They simply can't get enough.
Destroy their CREDIT CARD TODAY. If they don't, we need a MAJOR PROTEST IN D.C.
Rush has been discussing chatter about taking away the 401k deductions. That will ensure that I stop making those contributions and move the money accrued to a better place. The bastards always have their hands in your pockets.
unintended consequences?
This was all agreed back in the day for the debt ceiling increase, right??
I don’t calculate if I owe AMT, never have, never will. If the IRS want’s to do the work and determine I owe it and send me a bill, more power to them. But so far they haven’t...
This was all foreseen and intended. There is no Unintended Consequences. Nothing that happens in politics is unintended or unforeseen. They wanted it this way.
They deliberately and intentionally, with full knowledge and awareness, refused to index this tax for inflation.
Note that the same bastards indexed their pay and pension for inflation.
It’s not incompetence. It’s deliberate.
“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.”
You can’t blame Pres. Bush for this one. This is the doing of the Democrat congress in 1996 playing the class warfare game, and now, with the shameful devaluing of the dollar by inflation over the decades, people making as little as
$33,750 are considered “rich” enough to pay this surcharge on “millionaires.”
Sound familiar? Obama’s class warfare/redistribution scam will gut the middle class just as Democrats have always done.
Every year they put a temporary patch on it because they don’t really want to fix it.
I’m thinking that I picked a bad time to tile the kitchen.
Good!!!! I got hit with the AMT once, it was very, very painful. I want the pain to be felt FAR and WIDE.
If only people making $33K a year WOULD pay some taxes.
Right now I think they are on the bubble for getting EITC.
You don't have to be wealthy to be annoyed with this. Just be middle class and use TurboTax (or its equivalent) and you'll know what I mean.
But yes, Washington creates tax laws then gets upset when people follow them and the rich don't pay enough. So they create a second tax system which doesn't solve the problem. And they're still upset when rich people still don't pay enough taxes. So they create a third tax system...