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The Online Advisor |
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November 2007 |
What's New in Taxes
AMT relief is still a work in progress
Both Republicans and Democrats agree that the alternative minimum tax (AMT) is affecting taxpayers who were never
the intended target of this alternate tax system.
Designed to make sure the wealthy did not use credits, deductions, and other tax breaks to eliminate taxes completely, the AMT now affects a large number of middle-income taxpayers. That's due to the fact that AMT exemption amounts have not been indexed for inflation.
Congress is considering a number of AMT fixes, including a one- or two-year "patch" or complete elimination of the tax. Unless Congress acts to fix the tax for 2007, the AMT is estimated to affect 23 million taxpayers - mostly middle-class families. Under current law, about 70% of married taxpayers with children, who earn $75,000 to $100,000, will be subject to the AMT.
Designed to make sure the wealthy did not use credits, deductions, and other tax breaks to eliminate taxes completely, the AMT now affects a large number of middle-income taxpayers. That's due to the fact that AMT exemption amounts have not been indexed for inflation.
Congress is considering a number of AMT fixes, including a one- or two-year "patch" or complete elimination of the tax. Unless Congress acts to fix the tax for 2007, the AMT is estimated to affect 23 million taxpayers - mostly middle-class families. Under current law, about 70% of married taxpayers with children, who earn $75,000 to $100,000, will be subject to the AMT.
For details or for assistance with your tax planning, give our office a call.
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