O
Orogeny
Guest
Here is another good one.I thought “middle income earner who earned less than $250,000.00” would not see any tax increases?
From NPR:
npr.org/2012/11/06/164389316/alternative-minimum-tax-could-affect-25-million-taxpayers
From the transcript:
NPR:
(bolding mine)KEITH: Yes, it’s early. But he doesn’t like surprises. Thanks to that thing no one really likes to talk about - the Alternative Minimum Tax - it doesn’t look pretty.
SCHAFFER: This is going to be a very negative surprise. It actually represents about a 20 percent increase in our taxes.
KEITH: The modern AMT was created in the 1980s to make sure that high-income people weren’t avoiding taxes. But it wasn’t indexed to inflation. What would have been high income back then is decidedly middle income now. Roberton Williams of the nonpartisan Tax Policy Center says just about every year, Congress comes in and applies a patch. Without it, people with incomes as low as $75,000 a year would get a tax shock.
Peace
Tim