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Thread: Taxpayers Anxiously Await Annual 'Patch' to Alternative Minimum Tax

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    Taxpayers Anxiously Await Annual 'Patch' to Alternative Minimum Tax

    Are you ready to pay another $3,000 to $5,000 next April in taxes? That's right, the AMT patch continues to be ignored by the Democrat-controlled Congress, which could mean a big tax hike THIS YEAR for middle-class Americans.

    FoxNews.com - Taxpayers Anxiously Await Annual 'Patch' to Alternative Minimum Tax

    Of all the tax issues facing Congress when it returns for a lame duck session after the Nov. 2 midterm elections, the annual rite of patching the Alternative Minimum Tax will be the most urgent.

    Unlike the debate over the Bush tax cuts, which will affect taxpayers' income in 2011, the AMT applies to 2010. And the delay in patching it is already causing problems and raising alarms for large numbers of middle-income taxpayers -- as many as 25 million Americans, according to one expert -- who could face a huge increase in their tax payments if Congress doesn't act.

    Enacted in 1969, the Alternative Minimum Tax was originally aimed at 155 extremely wealthy taxpayers who had avoided paying federal taxes completely. It was an add-on tax designed to ensure that everyone paid some income tax every year. Since then it has evolved into the primary tax mechanism for taxing high income taxpayers.

    Under the original system, taxpayers who earned more than $200,000 -- a very high income 30 years ago -- were required to calculate their taxes differently, resulting in a larger tax payment for the wealthy.
    The AMT is ridiculous to begin with, but when it was originally implemented in 1969, it affected very few people. Now there are millions of people that get it between the eyes with this every year.

    However, the amount has never been adjusted for inflation in its 40 years.

    $200,000 a year ain't much, especially if you have kids and live in New York or California. Anywhere for that matter. It's not 1969 anymore, folks.

    This is why you don't give government more power. They never give an inch back. It simple common sense that you would adjust this for inflation over the years, right? Of course not, if you're a drunken-spending government that's cornered itself by its juvenile lack of financial responsiblility.

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    Re: Taxpayers Anxiously Await Annual 'Patch' to Alternative Minimum Tax

    My friend I am sorry to report that it goes so much farther in 2011.

    Six Months to Go Until
    The Largest Tax Hikes in History


    In just six months, the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves on January 1, 2011:

    First Wave: Expiration of 2001 and 2003 Tax Relief

    In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families. These will all expire on January 1, 2011:
    new taxes for 2011, a must read | Taste of Home Community

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    Re: Taxpayers Anxiously Await Annual 'Patch' to Alternative Minimum Tax

    I lived in New York on 32,000. Cry me a river.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Taxpayers Anxiously Await Annual 'Patch' to Alternative Minimum Tax

    Quote Originally Posted by Deuce View Post
    I lived in New York on 32,000. Cry me a river.
    So your cool with people being basically double taxed?

    You think the economy is bad now? Add $4K to half of America's tax obligations, and watch it go in the crapper.

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    Re: Taxpayers Anxiously Await Annual 'Patch' to Alternative Minimum Tax

    Quote Originally Posted by Erod View Post
    So your cool with people being basically double taxed?

    You think the economy is bad now? Add $4K to half of America's tax obligations, and watch it go in the crapper.
    what do you believe "annual patch" means?

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


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    Re: Taxpayers Anxiously Await Annual 'Patch' to Alternative Minimum Tax

    Quote Originally Posted by liblady View Post
    what do you believe "annual patch" means?

    It means I pay more taxes. And I only make $48K a year.


    The Annual Alternative Minimum Tax


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    Re: Taxpayers Anxiously Await Annual 'Patch' to Alternative Minimum Tax

    Quote Originally Posted by liblady View Post
    what do you believe "annual patch" means?
    In 40 years, they've NEVER adjusted it for inflation. Ever.

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    Re: Taxpayers Anxiously Await Annual 'Patch' to Alternative Minimum Tax

    Quote Originally Posted by j-mac View Post
    It means I pay more taxes. And I only make $48K a year.


    The Annual Alternative Minimum Tax


    j-mac
    which you haven't had to do.....because they enacted a patch every year. why do you think this year won't be the same?

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


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    Re: Taxpayers Anxiously Await Annual 'Patch' to Alternative Minimum Tax

    Quote Originally Posted by liblady View Post
    which you haven't had to do.....because they enacted a patch every year. why do you think this year won't be the same?
    Yeah, and now they are in danger of NOT doing that. Why not throw the AMT out, it is a silly tax scheme to begin with.

    j-mac
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    Re: Taxpayers Anxiously Await Annual 'Patch' to Alternative Minimum Tax

    Quote Originally Posted by liblady View Post
    which you haven't had to do.....because they enacted a patch every year. why do you think this year won't be the same?
    Once upon a time, it affected almost no one. It was effectively a millionaire's tax even back then.

    Now, it's an everyday additional tax to average middle class people.

    It should be abolished entirely.
    Last edited by Erod; 10-18-10 at 03:24 PM.

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