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