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» Hatrack River Forum » Active Forums » Books, Films, Food and Culture » AMT Nightmare

   
Author Topic: AMT Nightmare
Stephan
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Washington Post Article


quote:
For the moment, party leaders are blaming each other for not addressing the problem. To Republicans, the AMT is another reason to “extend all the expiring tax policy so we can overhaul the tax code to create jobs, spur economic growth and get rid of the AMT once and for all,” said Antonia Ferrier, spokeswoman for Sen. Orrin G. Hatch (Utah), the senior Republican on the Senate Finance Committee.

Democrats, meanwhile, accuse Republicans of holding AMT payers hostage in the pursuit of tax advantages for millionaires. “The fact that Republicans are willing to risk not doing an AMT patch — which has always been bipartisan and relatively noncontroversial — shows to what extreme they’re willing to go to protect the wealthy few,” said Sen. Charles E. Schumer (D-N.Y.).

quote:
According to estimates by the Tax Policy Center, more than half of all married couples will owe an additional tax of around $4,000 unless Congress acts. And more than a third of families with children will fall subject to the AMT, with parents of three or more children facing an extra tax of $4,700.

Among married couples with at least two children and adjusted gross income between $75,000 and $100,000, the center estimates that 84 percent will face a significantly higher tax bill this year because of the AMT.

Romney has already admitted he wants to raise middle class taxes by cutting deductions, exemptions, and credits. So I doubt we will find much help from the republicans. The democrats don't seem to want to extend anything that has anything to do with republicans.

If this happens, I guess we can expect a major overhaul in incumbents in two years?

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Samprimary
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quote:
If this happens, I guess we can expect a major overhaul in incumbents in two years?
doubtful

"I hate congress, it does nothing and goes nowhere."

— an individual who will go to the polls and straight party line vote "their guy" in as usual

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TomDavidson
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I'm considerably more concerned about things like the Child Tax Credit, the marriage penalty, etc. Which are all WAAAAAY more important to the middle class than the AMT.
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Stephan
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quote:
Originally posted by TomDavidson:
I'm considerably more concerned about things like the Child Tax Credit, the marriage penalty, etc. Which are all WAAAAAY more important to the middle class than the AMT.

It all adds up in my mind. But yeah, Romney's plan to get rid or lessen all of that is the only reason I am voting for Obama. I am not sure how Romney's tax plan is not a bigger deal.

Who would have thought that Obama would come closest to the Bush tax cuts that have benefited my middle class family?

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TomDavidson
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To be fair, there is no guarantee that even if Obama is elected, Congress will choose to extend some or all of the cuts. In fact, it's very likely that the Republican majority would deliberately refuse to do so out of spite.
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