Alternative Minimum Tax

Every single year around April 15th I feel just like the that guy.  The AMT kicks me straight in the jimmy and I just get sick.  And I stay sick for about 3 weeks until I just get numb.

So, I’m thinking.  If the Bush tax cuts are allowed to expire without a “fix”, about 30 million Americans would have to pay that tax:

Get ready to start paying higher taxes—$3,900 to $8,000 more a year on average. Unless Congress acts, some 30 million Americans will have to pay the dreaded Alternative Minimum Tax (AMT), whose rates, depending on your income, are either 26 percent or 28 percent.

If Congress failed to approve a new patch, the permissible amount for married couples filing jointly would fall, for example, from the current $74,450 to $45,000. “A lot more people would start paying a lot more money,” says Andrew Schwartz, founder of Schwartz & Schwartz, P.C., a CPA firm specializing in the tax and financial planning issues applicable to young professionals.

If no new patch were approved, says Barbara Weltman, a tax and business attorney and author of J.K. Lasser’s Tax Deduction for Small Business, 20 million to 30 million taxpayers not previously subject to the AMT would have to pay it.

I say “go for it.”  Look Obama straight in the eye and tell him to go to hell.  And then let him walk over that cliff.   The Pentagon needs to be trimmed, Republican sacred cows have to be slaughtered too, and the spending cuts that were agreed to should be honored.

If 30 million people have to pay an average of $6,000 in additional taxes, you’ll see a MASSIVE move to the fiscal right.


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