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2012-11-05 Economy
Middle class faces quick impact from fiscal cliff in form of alternative minimum tax
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Posted by Au Auric 2012-11-05 11:22|| E-Mail|| Front Page|| [336077 views ]  Top

#1 But congressional tax aides said the IRS has advised Congress that trying to fix the AMT after the filing season begins in January would lead to processing delays of more than two months for nearly half of all returns -- significantly postponing the delivery of refunds.

Who is going to have any refunds after AMT kicks in? And WHO runs this country? The IRS or Congress? This thing is going to get ugly.
Posted by Alaska Paul 2012-11-05 13:47||   2012-11-05 13:47|| Front Page Top

#2 The AMT is covered by an inflator, on the hedonist will be affected.

No wait!

AMT Exemption Amounts for 2011

Legislated as part of the 2010 Tax Relief Act:
$48,450 for single and head of household filers,
$74,450 for married people filing jointly and for qualifying widows or widowers, and
$37,225 for married people filing separately.
AMT Exemption Amounts for 2012

The alternative minimum tax exemption amounts for 2012 are scheduled to revert to the following levels:
$33,750 for single and head of household filers,
$45,000 for married people filing jointly and for qualifying widows or widowers, and
$22,500 for married people filing separately.
Source: Code Section 55(d)(1). Lower exemption levels mean that more taxpayers will be subject to the alternative minimum tax calculations.
AMT Tax Rates

The exemption amounts mean that this amount of AMT taxable income is not subject to the AMT. Income over these amounts may be subject to AMT. Unlike the ordinary tax rates, the AMT has only two tax brackets. The AMT tax rate is assessed only on AMT income over the exemption amount. The AMT tax rates are:
26% on the first $175,000 of AMT taxable income, and
28% on the remainder of AMT taxable income
Posted by Shipman 2012-11-05 15:30||   2012-11-05 15:30|| Front Page Top

#3 I got burned by this SOB once.
Posted by Shipman 2012-11-05 15:31||   2012-11-05 15:31|| Front Page Top

#4 Which was originally established to keep fat cats from writing off all their income and paying no tax.

Didn't feel like a "Fat Cat", Ship?
Posted by Bobby 2012-11-05 17:38||   2012-11-05 17:38|| Front Page Top

#5 Increase tax, because state bureaucrats are much better deciding what to buy that the person who merely earned it.
Posted by Bright Pebbles 2012-11-05 17:56||   2012-11-05 17:56|| Front Page Top

#6 Really, somebody should make a 50% new income tax for politicians. That would should alot of them up.
Posted by Charles 2012-11-05 19:24||   2012-11-05 19:24|| Front Page Top

#7 yeah right. I'd just ask they pay what they owe, right, Charlie Rangel?
Posted by Frank G 2012-11-05 19:27||   2012-11-05 19:27|| Front Page Top

#8 See, the politicians and bureaucrats in the Feral Federal Government want to say that without a tax increase the existence of the present government is threatened by bankruptcy. The main issue is the size of government.

It will expand to meet the space it is allowed to inhabit, like a gas. The size of the container needs to be decreased, and the pressure needs to be brought down to safe levels.
Posted by Alaska Paul 2012-11-05 20:13||   2012-11-05 20:13|| Front Page Top

#9 "It will expand to meet the space it is allowed to inhabit"

I think the phrase is, "The junk you have will expand to fit the available space," Paul.
Posted by Barbara 2012-11-05 23:10||   2012-11-05 23:10|| Front Page Top

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