Re: AMT Status


"Dimitrios Paskoudniakis" <greekgod@xxxxxxxxxxxxx> wrote

Democrats Craft New Tax Rules, New Image
Plan Tries to Shield Middle Class From Paying High Rates

By Lori Montgomery
Washington Post Staff Writer
Monday, April 23, 2007; A01

To make up the lost revenue,



So I see they aren't going to bother trying to, like, actually try to cut
spending.



"It is a great message of fiscal responsibility and economic fairness."


Indeed - not as strong as cutting expenses.




"Taxes can be a winning issue for Democrats,"


Sure, they get to spend more.




To make the AMT work as a campaign issue, however, Democrats recognize
that they will have to raise its profile among the approximately 97
percent of families who do not pay it. Emanuel is putting together a
strategy.



Ok then. Let's scare the public about AMT so it looks good when we cut it.




In recent years, the truly rich have been less affected because
their regular tax rates are higher than rates under the AMT.


Like I said.......not many of my higher income folks see AMT




For years, Congress has blunted the impact of the AMT by enacting laws
that provide temporary inflation adjustments. The tax has nonetheless
grown to ensnare millions of people for whom it was never intended.



Actually the tax hasn't grown, incomes have, and deductions have. And, some
of the things that are AMT adjustments are creeping into the more common
returns. 20 years ago hardly no one received ISO's, now the cashier at
Wal-Mart gets them.



--
Paul A. Thomas, CPA
Athens, Georgia


.

Relevant Pages

  • Re: OT Dims want to raise taxes (News? ROFLMAO)
    ... I find it amazing that the AMT takes away the hybrid tax credit, ... nation's wealthiest households. ... Democrats on the tax-writing House Ways and Means Committee. ...
    (alt.autos.toyota)
  • Re: OT Dims want to raise taxes (News? ROFLMAO)
    ... from the expensive bite of the alternative minimum tax are considering ... nation's wealthiest households. ... lower AMT bills for families making $250,000 to $500,000. ... Democrats on the tax-writing House Ways and Means Committee. ...
    (alt.autos.toyota)
  • Re: OT Dims want to raise taxes, again
    ... That so called 2% currently pay almost 50% of all the taxes paid to the US ... Why not simply remove the AMT? ... The last tax rate cuts is why today the federal and state governments are ...
    (alt.autos.toyota)
  • Beware the complicated and costly AMT
    ... Beware the complicated and costly AMT ... These folks are simply trying to use the tax code, legally, to lower their ... The AMT was designed in 1969 to ensure that wealthy taxpayers didn't use ... loopholes to escape paying their fair share of taxes. ...
    (misc.taxes)
  • Re: State income tax refund & AMT credit
    ... credibility with respect to the tax treatment of tax refunds and who is ... Your post on AMT was correct until you went off on your usual ... income for years where AMT was paid and then claim part of the IRS ... when the overpayment is in a year the regular tax is paid and the AMT ...
    (misc.taxes)