“Obama is going to allow taxes to go up for “middle class” individuals...”
and claim the Republicans ‘mucked’ it up!
. . . which was the plan all along.
Reid: No, I don’t plan to bring a budget to the floor this year (Thanks for that, Nevada)
No new budget, no discussion of the lowered AMT threshold...
I think its time to do our sacred duty as Americans.
Uh... because Obama - aided and abetted by congress - is spending YOUR money like a drunken sailor on a 24 hour port call...
The dirty secret behind Obama’s spending insanity is that even if they double taxes on “the rich”, it woudn’t pay for what he is spending. The only way to pay for Obama’s spending binge is a big tax hike on the MIDDLE CLASS. Period. That is it. Its pure snake oil to suggest we can have the level of spending we have without a huge middle and lower class tax hike.
Speaking as a professional tax preparer, if you make more than $40k, have dependents and live in a high-tax state, you can be touched by AMT. Obviously, the more you are over $40k, the more you are endangered.
If you want to avoid penalties and interest for under-withholding, use your AGI (bottom of 1040), add back non-repeating adjustments, compute tax based upon your filing status from the tables and subtract your normal withholding from wages.
If that figure is close to zero, why give any more interest-free loan than you have to. If your withholding equals your 2011 tax burden [not refund or balance due, you fool], forget it for 2012 at least because you are ‘safe harbor’ed.
Otherwise divide by the 4 quarterly payments and feed the pig. AMT is a B*$%H and an obscenity to logic especially since it became a game for the politicians.
anytime you see fairness and legislation you know you are going to get screwed
This was the original plan. Good grief, does anyone think otherwise?
Actually, I prefer the tax increase to the alternative, which is an Argentina / Russia type full-meltdown. I’ve read enough on those meltdowns to know that if another 10% of my income goes to the feds, it’s a heck of a lot better than a full meltdown.
For those that think that there’s any chance of getting control of entitlements, DREAM ON - after some of the debates that I’ve had on this website, even a majority of elderly (and near-elderly) FReepers prefer to see this country destroyed economically, rather than compromise on their ‘benefits’ regarding SS and Medicare (even though those benefits are now being taken off the backs of my kids). And if no more than half of the elderly FReepers are willing to sacrifice, FORGET ABOUT any hope for the rest of the country.
At what annual income level does this effect?
In the private sector, the whole tax scheme would be recognized as extortion racket that it is.
The intent is not even to fund the government: the intent is to bring this nation and its people, with their dream of Life, Liberty and Pursuit of Happiness, to their knees under tyranny.
“The issue is never the issue. The issue is always the revolution.”
AMT is evil.
Fire the bastard and have the new Prez void all of Obama’s illicit actions.
Have been hit by it since I can remember. It is not an Alternative Minimum Tax (AMT). That is Orwellian. It is an Alternative Maximum Taking.
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