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Keyword: 2012taxreturn

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  • Why Your 2012 Tax Bill May Jump By $8,000

    02/04/2012 9:37:56 AM PST · by Qbert · 76 replies
    Daily Finance ^ | 02/03/12 | DAN CAPLINGER
    From Mitt Romney to Warren Buffett, people are clamoring for fairer taxes. But thanks to yet another lapse by our lawmakers in Washington, more than 20 million taxpayers may pay a tax that was originally designed to hit only the ultra-rich -- and the increase could cost you as much as $8,000. When it was first designed, the alternative minimum tax, or AMT, was meant to make taxes more fair. The idea behind the AMT was to make sure that rich people didn't use deductions to zero out their taxes every year. Because of inflation, though, the AMT threatens to...