Alternative Minimum Tax
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Joined: Dec 2003
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From: The County
Alternative Minimum Tax
It seems the tax breaks Bush and congress have enacted since 2001,expanding child tax credits,marring penality relief and such,make it likely taxpayers who try to claim these write-offs will owe the AMT.Repealing it through 2010 will cost the treasury $600 billion in revenue.The 2003 tax cut contains a temporary provision that will help many families avoid the AMT for just one year.If Bush and Congress don't take action on this tax,1 in 4 households will owe the AMT by 2010.Different tax brackets are affected different ways.Are you affected by this tax?What are your thoughts on it?It seems like a tax on a tax cut to me.
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Postmaster
Joined: Dec 2003
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From: The County
The artical mentioned that a lot of people are not aware of the tax.I never heard of it.The woman that did my tax return this year did mention this was the last year I would be able to claim my 17 yr.old under theBush tax cut provision.It doesn't really affect me,but there are a lot of folks here that are in the upper tax brackets it may affect.It seems different stages of the tax cut are about to take place.
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whistler
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Sep 3, 2003 10:01 PM
