The AMT to be repealed?

January 6, 2007

A bill has been introduced into the Senate to repeal the AMT tax this week.

If you’re not familiar with AMT, it is the Alternative Minimum Tax, created to keep higher income taxpayers from paying too little income tax.  Unfortunately, the AMT has never been adjusted, so many middle income taxpayers have fallen victim to the AMT in recent years.

The Tax Increase Prevention and Reconciliation Act of 2005 provided some AMT relief by increasing the AMT exemption amount, but this is just a one-year fix.

Without permanent changes to the AMT tax, more and more middle income taxpayers will be subject to this tax each year.

The legislation that was introduced into the Senate calls for the death of the AMT tax.  Click here to read more.

Tags: income tax, AMT, alternative minimum tax

Comments

• Search

  Search for:

• Recent Posts

  Yes You CAN Donate Your 2010 RMD to Charity!
  Good news for charitable IRA owners over age 70 ½… the Tax Relief, Unemployment Insurance...

  President Obama Expected to Sign New Tax Bill Today
  “We had a responsibility to protect middle class families from a tax increase that would have hit...

  Time Running Out to Do a Roth IRA Conversion in 2010
  As we near the end of 2010, many people are wondering if a Roth IRA conversion is the right move...

• Categories

  • Budgeting and Saving
  • College Planning
  • Company News
  • Debt Management
  • Featured Post
  • Financial Planning
  • Insurance
  • Investing
  • Personal Finance
  • Retirement
  • Social Security
  • Taxes
  • Uncategorized