Finally...
http://www.nytimes.com/2007/12/19/washington/19cnd-cong.html?hp

Does that mean that the AMT doesn't effect anyone for 2007 or that some people are exempt?

Does that mean that the AMT doesn't effect anyone for 2007 or that some people are exempt?

Neither, at least in the manner that a tax professional would use the word exempt. The income exclusion amount for AMT was scheduled to roll back by a significant amount which would expose more taxpayers to AMT. Congress has acted to restore the higher exclusion amount for one more year.

Ira

Yeah, instead of sitting down and actually fixing the existing law on a lasting basis. Perfect example of everything that's wrong with Sodom on the Potomac. Band-aids forever, cures never.

While I agree we need a permanent fix, I also think it has to be paid for somehow. That seems to be a problem for certain people who believe they are entitled to a free lunch and our grandchildren can pay for it.

Heck, I wanted to start the paying back when we had some kind of budget surplus. I'd have accepted a tax increase that would have, in combination with spending cuts, destroyed the national debt. Unfortunately, the don't-tax-but-spend-madly people got into power, and found creative ways to either destroy the wealth or give it to corporations. I keep telling the kids to revolt against my generation and my parents'. None of them listen.

I was simply commenting that it's typical of D.C. to keep patching this year after year rather than create a permanent solution.

I was simply commenting that it's typical of D.C. to keep patching this year after year rather than create a permanent solution.

That would require the growth of a spine, and allowing the (fill in the blank) Party to share in the credit.

foolazis

Too bad you can't hit the rec button multiple times!

Wasn't the AMT enacted to go "after" a very select few who were able to circumvent the tax laws?

Now, it hits regular Joes who have no problem paying taxes, but end up paying significantly more.

MZ4

Does that mean that the AMT doesn't effect anyone for 2007 or that some people are exempt?

I have read the if you were not affected in 2006 and you had no significant changes, then you are probably not affected in 2007.