Posts tagged as:

alternative-minimum-tax

Hey Congress, Why Don’t You…? Fix the AMT

1 September 2009

Eric Satterley writes: An immediate need is to change the alternative minimum tax recapture law. On stock options you were forced to pay the alternative minimum tax even if you exercised any options (even if you did not sell the stocks). The law was that you could recapture/apply the tax paid toward the capital gains [...]

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Congressional Officials Critical of Tax Breaks in Proposed Stimulus Plan

12 January 2009

As blogged previously, Obama’s proposed stimulus package is meeting resistance – on both sides of the aisle. Key members of the Senate Finance Committee have criticized plans for a $3,000 tax credit for new hires, citing that it wasn’t the most effective means of promoting employment. Sen. John Kerry (D-MA) said, “I’d rather spend the [...]

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Quick, While the Nation’s Distracted, Let’s Pretend to Fix the AMT!

24 September 2008

While the nation’s attention was turned to the financial bank crisis, the House passed a bill increasing the exemption level for the alternative minimum tax (AMT) to $46,200 for individuals and $69,950 for married couples filing jointly. The motion passed by a margin of 393-30. The bill provides about $2,000 of relief each to affected [...]

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House Passes Tax Bill to Repeal AMT; White House Threatens Veto

26 June 2008

Defying the White House, Representatives in the US House voted to prevent about 22 million taxpayers from being hit by the alternative minimum tax (AMT). What? Oh yeah, just like with any headline, there’s more. The idea of AMT relief was originally endorsed by the GOP (such as Senator McCain). The problem with AMT relief? [...]

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McCain Backs Off Repeal of AMT

14 June 2008

Senator McCain has – until now – included a promise to repeal the AMT in his economic plan. However, a few days ago, he introduced the idea of a phase out, rather than a repeal. In a June 10 speech, he said, “I will also propose … a phase-out of the Alternative Minimum Tax.” In [...]

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The Mother of All Tax Bills

3 November 2007

Rep. Charles Rangel (D – NY) has unveiled what he calls “the mother of all tax bills.” The result would be a sizable “re-shifting” of the current tax burden which has been heavily criticized even among the wealthy as “tilted to the rich.” According to an analysis by the Tax Policy Center, the shift would [...]

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But I’m Not Rich!

28 June 2007

That’s what many folks think when asked to consider whether they will be affected by the AMT (Alternative Minimum Tax). But here’s where they’re wrong: the AMT is hitting middle class America more often. We’ve even argued about it a little bit on the blog (be sure and read the comments). And the consensus is [...]

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