Posted on 02/09/2015 3:17:03 PM PST by Libloather
**SNIP**
What happened? Inflation, mostly. While the “regular” tax brackets, exemptions and standard deductions were adjusted annually for inflation, the AMT brackets and exemptions were not, so many people whose income increased entered the dreaded AMT zone. Especially vulnerable are people with income over $75,000 and some large deductions, but not the exotic ones that were originally targeted by the AMT’s creators. Most vulnerable are taxpayers with several children, interest deductions from second mortgages, capital gains, high state and local taxes, and incentive stock options.
Thankfully, the AMT brackets and exemptions are adjusted for inflation for 2013 and beyond, which will cause fewer folks to be exposed to the tax.
How the tax works
The best way to understand the AMT is to view it as a separate tax system. It has its own set of rates and its own rules for deductions, which usually are less generous than the regular rules. Because of these confusing rules, the only ways you can tell if you owe the tax are by filling out the forms (essentially doing your taxes a second time) or by being audited by the Internal Revenue Service. If it turns out you should have paid the AMT but didn’t, you will owe the back taxes plus any interest or penalty that the IRS decides to dole out.
(Excerpt) Read more at msn.com ...
They get tax credits up to thousands each. Not kidding.
So what is AMT???
Wonder how many are skimming their revenues.. like the mafia does..
keeping the funds offshore.. like all intelligent non-socialists..
ONLY stupid or delusional non-socialists pay much tax...
The last thing the federal givernment needs is MORE MONEY..
to...... you know........ WASTE..
ALL patriots HIDE their revenues as much as possible..
from federal, state and sometimes local parasites..
If we had a sales based tax instead of income based tax, every illegal would be paying every nickel owed in taxes automatically.
Obama is encouraging illegals to get as SSN and file for EIC for previous years.
It’s an annual tradition.
In January, every street corner in the ‘hood sprouts a passel of “fast tax” outfits.
So it is. But when will there ever be a story about one of those? And anyway, it was a Javelin I owned. What a piece of crap it was.
I'm guessing about 19,000 people owned them, tops.
That's the same number of people who paid AMT in 1970.
Coincidence?
I think not.
That’s because L4B is a firm believer in the Cloward-Piven strategy. He was placed in the Oval toilet to end the American Republic. And he is doing just that by collapsing the economy for his globalist banker masters.
Now, How hard was that to put up there? Really! Stupid F acronyms.
They steal an additional $2,000 to $10,000 a year from me with the AMT. The main hit is that property taxes, which are high in Texas, are not deductible.
AMT was designed to do that. It was deliberately not indexed to inflation beause with even a low rate of official inflation it would suck more and more people in every year. It is that gift that keeps on giving. Taxes are raised every year without any new law having to be passed and eventually, perhaps sooner rather than later all wage earning people will be paying the AMT rate. People not earning enough to pay it will be earning below the poverty level and be receiving money from the government.The division between the highest income that owes no taxes and the lowest income level that must pay AMT will have no width. Everyone below the line will pay no tax. Everyone above will pay AMT.
yes brother; me too
Horrible writing... writer assumes everyone knows what AMT stands for.
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