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Thread: ‘Fiscal Cliff’ Could Put Millions of Taxpayers Into ‘AMT Shock’ [W:66]

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    ‘Fiscal Cliff’ Could Put Millions of Taxpayers Into ‘AMT Shock’ [W:66]

    One of the key questions lurking in the "fiscal cliff" talks — though well below the public's radar — is what happens to the alternative minimum tax — or AMT.Implemented in 1969 to make sure upper-income Americans pay their share of taxes, theAMT has increasingly snared more middle-income Americans over the years because it was never indexed for inflation.

    During the 2011 tax year for example, the higher tax hit single taxpayers with incomes as low as $48,450 and joint filers making only $74,450.

    But millions more Americans could be subject to the AMT in their 2012 returns if Congress fails to reach a deal on the fiscal cliff before year-end. That's because the AMT is currently scheduled to hit individuals making as little as $33,750 a year and joint filers making $45,000. (Read More: Complete Coverage of 'Fiscal Cliff')
    "I call it AMT shock," Dick Hoey, chief economist at BNY Mellon, told CNBC recently.
    "Normally some four million people pay the AMT," Hoey explained. "But if we don't fix this on the 2012 income, what's due in 2013 will be additional taxes by an extra 28 million households. If you're in the $75,000 to $300,000 income bracket, you can likely forget about a refund if they don't fix it."

    ‘Fiscal Cliff’ Could Put Millions of Taxpayers Into ‘AMT Shock’ - US Business News - CNBC

    This is maddening....No one is talking about actual tax reform, rather just lip service to the things that need to be done....
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    re: ‘Fiscal Cliff’ Could Put Millions of Taxpayers Into ‘AMT Shock’ [W:66]

    Quote Originally Posted by j-mac View Post
    This is maddening....No one is talking about actual tax reform, rather just lip service to the things that need to be done....
    Yea and now the jackasses are talking about stealing 401k's. Grrrr.
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    re: ‘Fiscal Cliff’ Could Put Millions of Taxpayers Into ‘AMT Shock’ [W:66]

    Quote Originally Posted by PirateMk1 View Post
    Yea and now the jackasses are talking about stealing 401k's. Grrrr.

    I heard that yesterday...That is part of the so called "wealth tax" right?
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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    re: ‘Fiscal Cliff’ Could Put Millions of Taxpayers Into ‘AMT Shock’ [W:66]

    Quote Originally Posted by PirateMk1 View Post
    Yea and now the jackasses are talking about stealing 401k's. Grrrr.
    I have been pointing out that would happen in effect if a lot of people had their way to soak it to the rich anyway because the high dollar competition for a fixed number of profitable stocks is what drives up the value for everyday people's 401K's beyond what earnings alone justify. It deflates the stock prices. Taxing them will have the same effect.

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    re: ‘Fiscal Cliff’ Could Put Millions of Taxpayers Into ‘AMT Shock’ [W:66]

    Quote Originally Posted by j-mac View Post
    I heard that yesterday...That is part of the so called "wealth tax" right?
    All sorts of crap floating around. Turds in the punch bowl. If I remember correctly yes.
    Semper Fidelis, Semper Liber.
    I spit at lots of people through my computer screen. Not only does it "teach them a lesson" but it keeps the screen clean and shiny.
    Stolen fair and square from the Capt. Courtesey himself.

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    re: ‘Fiscal Cliff’ Could Put Millions of Taxpayers Into ‘AMT Shock’ [W:66]

    Quote Originally Posted by PirateMk1 View Post
    Yea and now the jackasses are talking about stealing 401k's. Grrrr.
    Stealing are taxing? I go to collect my 401 K and it's all gone? I doubt that, other than when the state goes broke and I lose it all together.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    re: ‘Fiscal Cliff’ Could Put Millions of Taxpayers Into ‘AMT Shock’ [W:66]

    Quote Originally Posted by Boo Radley View Post
    Stealing are taxing? I go to collect my 401 K and it's all gone? I doubt that, other than when the state goes broke and I lose it all together.
    You set your account up in good faith, now the goverment is talking about taking it and putting into Social Security and just giving you a 3% return. That aint kosher no matter how you look at it.
    Semper Fidelis, Semper Liber.
    I spit at lots of people through my computer screen. Not only does it "teach them a lesson" but it keeps the screen clean and shiny.
    Stolen fair and square from the Capt. Courtesey himself.

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    re: ‘Fiscal Cliff’ Could Put Millions of Taxpayers Into ‘AMT Shock’ [W:66]

    Quote Originally Posted by PirateMk1 View Post
    You set your account up in good faith, now the goverment is talking about taking it and putting into Social Security and just giving you a 3% return. That aint kosher no matter how you look at it.
    I'll have to investigate it a little more. Do you have any links?

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    re: ‘Fiscal Cliff’ Could Put Millions of Taxpayers Into ‘AMT Shock’ [W:66]

    Quote Originally Posted by Boo Radley View Post
    I'll have to investigate it a little more. Do you have any links?
    Time and Life are supposed to do a write up on the proposal. I've got to go look it up. May be a bit I am getting ready to leave here in a bit.
    Semper Fidelis, Semper Liber.
    I spit at lots of people through my computer screen. Not only does it "teach them a lesson" but it keeps the screen clean and shiny.
    Stolen fair and square from the Capt. Courtesey himself.

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    re: ‘Fiscal Cliff’ Could Put Millions of Taxpayers Into ‘AMT Shock’ [W:66]

    Quote Originally Posted by PirateMk1 View Post
    Time and Life are supposed to do a write up on the proposal. I've got to go look it up. May be a bit I am getting ready to leave here in a bit.
    Not in a hurry, and later I may look as well. Just hate to speak when I'm not really sure of all the details.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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