Posts tagged as:

AMT

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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Tax Changes for 2006 (Pt 6)

11 March 2007

For tax year 2006, the alternative minimum tax (the dreaded AMT) exemption rises to $62,500 for a married couple filing a joint return and to $42,500 for single persons and heads of household. Don’t get too excited, though, as those amounts are slated to drop in 2007.

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Housecleaning

8 November 2006

Nobody wants a partisan tax blogger. It’s so… impolitic, if you will. So, I’m not going to offer any real commentary about the election on yesterday in terms of winners and losers. You can do your own Wednesday morning quarterbacking. That said, the face of the House has changed drastically with the loss of 27 [...]

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Tis the (Tax Bill) Season

9 December 2005

As previously reported, the Senate approved a version of the tax bill. Not to be outdone, the House did, too (yesterday). The problem? Er, they’re not consistent and it’s not clear when (and if) the two can be reconciled. The top priority of the House in what was a narrow victory, 234-197, seemed to be [...]

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Tax Revisions Push Through Senate

18 November 2005

A number of tax revisions were passed in the Senate, but are sure to face new scrutiny in the House. Among the revisions are: Increased income exemption levels in the Alternative Minimum Tax (AMT); Extensions for state and local sales tax deduction through 2006; Above the line deduction for qualified higher education expenses extended through [...]

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