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Author: GalinAZ Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121095  
Subject: AMT Date: 12/19/2007 5:36 PM
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Finally...
http://www.nytimes.com/2007/12/19/washington/19cnd-cong.html?hp
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Author: bmillz Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 97267 of 121095
Subject: Re: AMT Date: 12/19/2007 6:47 PM
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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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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 97269 of 121095
Subject: Re: AMT Date: 12/19/2007 9:22 PM
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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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Author: mrparrotfez Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 97272 of 121095
Subject: Re: AMT Date: 12/20/2007 1:43 AM
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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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Author: billjam Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 97273 of 121095
Subject: Re: AMT Date: 12/20/2007 9:33 AM
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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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Author: mrparrotfez Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 97274 of 121095
Subject: Re: AMT Date: 12/20/2007 10:31 AM
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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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Author: foolazis Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 97288 of 121095
Subject: Re: AMT Date: 12/20/2007 3:34 PM
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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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Author: MarinBMWZ4 Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 97324 of 121095
Subject: Re: AMT Date: 12/22/2007 12:25 AM
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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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Author: PuddinHead42 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 97373 of 121095
Subject: Re: AMT Date: 12/25/2007 5:05 PM
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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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