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…
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…
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?…
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…
Taxpayer asks: Hi Taxgirl, I’m helping a non-profit run its VITA program this year. I just found out today that due to late passage of the AMT patch, taxpayers trying to claim ed credits won’t be able to file until the Service fixes its computers. The target date for that is Feb. 11. Do you…
Well, as determined by me, so they’re certainly subjective. But isn’t that why you read the blog to begin with? 10, My personal headlines slide in at #10: Taxgirl jumps to b5media, speaks at BlogHer and becomes Channel Editor of the Business Channel. Oh, and I found out that I’ll be writing a monthly column…
Congress finally made up its mind about the AMT – on the last day of business for 2007. The House voted 352-64 to “patch” the AMT. President Bush is expected to sign the bill, which the Senate has already approved. How long has it been? In June, the Joint Committee on Taxation estimated that this…
Dear Congress, The year ends on December 31. It’s now about halfway through December. The IRS (and consequently, the taxpayers) would be really happy if you reached some kind of resolution on the AMT by the end of the year. It makes printing the forms a little easier when you actually know the rules –…
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 mean that…
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…