Saturday, December 22, 2007

Congress Freezes the Alternative Minimum Tax

Congress has voted to freeze the alternative minimum tax (AMT) for one year without replacing the $50 billion that would be lost. The AMT was created in 1969 to keep the wealthy from avoiding taxes, however the tax has never been indexed or adjusted for inflation. Four million taxpayers paid the AMT last year and an expected 25 million people would have paid it this year if not for the freeze.

The freeze will require last minute changes to IRS computers and tax forms which will cause a delay at the taxpayer's expense. Considering I had to pay the AMT last year I will not be among those protesting the complications that are sure to follow.

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