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$1.35 Trillion Minimum Tax `Bomb'
Old 11-02-2006, 08:02 AM   #1
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$1.35 Trillion Minimum Tax `Bomb'

It will be interesting to see what Congress will do about this pickle in the coming session.

Candidates Ignore $1.35 Trillion Minimum Tax `Bomb' (Update1)
By Ryan J. Donmoyer
Oct. 31 (Bloomberg) -- Congressional candidates this fall are furiously debating Iraq, Medicare and extending tax cuts. Most are staying quiet about an imminent legislative challenge: how to stop a tax increase that will hit more than 20 million households next year, some with incomes as low as $50,000.
Unless Congress acts, the alternative minimum tax will gradually impose $1.35 trillion in additional taxes over the next 10 years.

Below is the link to the rest of the article.http://www.bloomberg.com/apps/news?pid=20601170&sid=ajJYxC6TAiBE&refer=special_r eport
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Re: $1.35 Trillion Minimum Tax `Bomb'
Old 11-02-2006, 08:03 AM   #2
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Re: $1.35 Trillion Minimum Tax `Bomb'

Last year they did a temporary fix for this year. My guess is that temporary fixes will continue.
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Re: $1.35 Trillion Minimum Tax `Bomb'
Old 11-02-2006, 08:07 AM   #3
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Re: $1.35 Trillion Minimum Tax `Bomb'

Charlie Rangel was on CNBC last night and although he wouldn't say he would continue the tax cuts past 2010, he said that he did want to "take a look" at AMT if the Dems take control.
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Re: $1.35 Trillion Minimum Tax `Bomb'
Old 11-02-2006, 08:15 AM   #4
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Re: $1.35 Trillion Minimum Tax `Bomb'

I'd love to see a fix for AMT, but it is likely that any fix would require an increase in other tax rates because the AMT generates so much revenue.
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Re: $1.35 Trillion Minimum Tax `Bomb'
Old 11-02-2006, 09:58 AM   #5
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Re: $1.35 Trillion Minimum Tax `Bomb'

Quote:
Originally Posted by brewer12345
I'd love to see a fix for AMT, but it is likely that any fix would require an increase in other tax rates because the AMT generates so much revenue.
More and more every year they don't do anything about it.
My guess is that the parties will start using it as a political weapon. Attach the AMT 'fix' to some bill that they want but know the opponent hates. When the bill is defeated by the other party, they can hollar "LOOK at what the bad guys did" in the next election.
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Re: $1.35 Trillion Minimum Tax `Bomb'
Old 11-02-2006, 10:21 AM   #6
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Re: $1.35 Trillion Minimum Tax `Bomb'

Quote:
Originally Posted by brewer12345
I'd love to see a fix for AMT, but it is likely that any fix would require an increase in other tax rates because the AMT generates so much revenue.
Congress, and a fix that makes sense? Not after the lobbyists and pork barrel politicking get done with it, it will be more watered down than liqour at a rural strip club........

Why not buy non-AMT investments and tax-managed funds??
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Re: $1.35 Trillion Minimum Tax `Bomb'
Old 11-02-2006, 10:24 AM   #7
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Re: $1.35 Trillion Minimum Tax `Bomb'

Actually, I am just hoping that I am in a high enough bracket that it is academic.

I am willing to pay my share of the taxes, but don't torture me by forcing me to do my taxes then do them again (AMT).
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Re: $1.35 Trillion Minimum Tax `Bomb'
Old 11-02-2006, 10:27 AM   #8
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Re: $1.35 Trillion Minimum Tax `Bomb'

Quote:
Originally Posted by brewer12345
Actually, I am just hoping that I am in a high enough bracket that it is academic.

I am willing to pay my share of the taxes, but don't torture me by forcing me to do my taxes then do them again (AMT).
Brewer, you already are in that high tax bracket. I had a client that went from $3000 a year in AMT to $23,000. Yikes!!!
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