Posted on 12/19/2007 12:57:44 PM PST by jaredt112
House is voting on fix to the AMT for 2008. Vote just started, live on CSPAN.
Senate passed a similar bill about two weeks ago..
Looks so far like it will pass with ease..
45-4 11:54 left..
What about fixing it for 2007?
I’m somebody that might get caught up in that rascal. I still hope not, but it’s gonna be close.
I’m led to believe that this is the fix for this year that will take affect when you file taxes in 2008..sorry for the misunderstanding.
What's the general criteria to look out for?
Why don't they just END it??
It can't be that hard....
It has been tried. Bill Clinton vetoed it.
Extra money lying around while living in a high tax/high cost state.
“What’s the general criteria to look out for?”
High property and state income taxes might get you into AMT trouble.
Depends on what the definition of fix is.
Don’t quote me on this, but I believe that if it is NOT fixed then every tax payer that is married and makes between 100 and 500 grand a year would have to pay it.
The minimum you have to pay would be 26% to 28% depending on what category you fall in. It prevents deductions from being used to skip paying that percent of taxes.
It’s just a general fix that has been happening for years. No tax increases at all, it would just basically leave the AMT to do what it was “supposed” to do.
I thought the senate fixed this for 2007.
The senate did about two weeks ago. The house is now voting on this. Both of them are guilty of dragging their feet, as it is usually fixed in May.
The Democrats also spent the $50 billion that would have come in if it was not fixed, then proceeded to blame Bush and Republicans for it. Pathetic.
Passed 252-64.
Moderator please update title.
So the fix is just borrow more?
Wouldn’t it be nice if we got some spending cuts?
Of course it would.
It will not happen, though.
What’s the general criteria to look out for?
1. Did you make any money........
How does this bill change it?
It simply fixes it to stop it from affecting 23 million people that make $100,000 to $500,000 a year from having to pay an average of $2,000 more in taxes this year.
It was never supposed to do that, and has been fixed every year to stop it from happening. This year, the Democrats dragged and tried to delay fixing it and spent the $50 billion in revenue it would have brought in then blamed Bush.
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