Comments on: Dealing With the Alternative Minimum Tax (AMT) http://genxfinance.com/dealing-with-the-alternative-minimum-tax-amt/ Helping a unique generation achieve financial independence. Thu, 09 Feb 2012 03:12:52 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Mike Volpe http://genxfinance.com/dealing-with-the-alternative-minimum-tax-amt/comment-page-1/#comment-46227 Mike Volpe Wed, 19 Dec 2007 18:26:47 +0000 http://genxfinance.com/2007/12/06/dealing-with-the-alternative-minimum-tax-amt/#comment-46227 I hope that one day the AMT will be studied not only in accounting classes but in poli sci classes because there is so much to analyze that I don't know where to start. Doesn't it exemplify the non sense in Washington that a tax that was meant to catch 155 fat cats is now eating away at millions of folks? Isn't it ironic that some politicians want to replace this tax that started as for the wealthy only, and only repeal it if there are new taxes added also for the wealthy only? Isn't it ironic that this tax that started like I said for only 155 folks is now so vital that no one can figure out how to get rid of it because the revenue generated is so vital? The Dems version of fiscal responsibility is to replace one tax by adding another tax. The Reps version of fiscal responsibility is to cut taxes and increase spending at the same time. Thus, we have a standoff that will go nowhere and ultimately it will be quite the microcosm of how things in Washington work. Here is my post from my blog about the AMT. http://proprietornation.blogspot.com/2007/12/amt-and-lessons-of-taxation-and-class.html I hope that one day the AMT will be studied not only in accounting classes but in poli sci classes because there is so much to analyze that I don’t know where to start.

Doesn’t it exemplify the non sense in Washington that a tax that was meant to catch 155 fat cats is now eating away at millions of folks?

Isn’t it ironic that some politicians want to replace this tax that started as for the wealthy only, and only repeal it if there are new taxes added also for the wealthy only?

Isn’t it ironic that this tax that started like I said for only 155 folks is now so vital that no one can figure out how to get rid of it because the revenue generated is so vital?

The Dems version of fiscal responsibility is to replace one tax by adding another tax.

The Reps version of fiscal responsibility is to cut taxes and increase spending at the same time.

Thus, we have a standoff that will go nowhere and ultimately it will be quite the microcosm of how things in Washington work.

Here is my post from my blog about the AMT.

http://proprietornation.blogspot.com/2007/12/amt-and-lessons-of-taxation-and-class.html

]]> By: Jeremy http://genxfinance.com/dealing-with-the-alternative-minimum-tax-amt/comment-page-1/#comment-44012 Jeremy Fri, 07 Dec 2007 16:54:40 +0000 http://genxfinance.com/2007/12/06/dealing-with-the-alternative-minimum-tax-amt/#comment-44012 That's right, and even today, they are still at a stalemate. The best you can do is to go on by the 2006 form. If you owed it by 2006 standards, you'll almost certainly owe it for 2007. But depending on if they freeze the exemption amount or not, if you fall close to the cutoff, you should prepare for paying it just in case. I really wish something would be done to simplify our tax code. That’s right, and even today, they are still at a stalemate. The best you can do is to go on by the 2006 form. If you owed it by 2006 standards, you’ll almost certainly owe it for 2007. But depending on if they freeze the exemption amount or not, if you fall close to the cutoff, you should prepare for paying it just in case.

I really wish something would be done to simplify our tax code.

]]> By: thebaglady http://genxfinance.com/dealing-with-the-alternative-minimum-tax-amt/comment-page-1/#comment-43894 thebaglady Fri, 07 Dec 2007 07:17:32 +0000 http://genxfinance.com/2007/12/06/dealing-with-the-alternative-minimum-tax-amt/#comment-43894 the problem with trying to determine your AMT now is that congress is still deciding whether or not they will adjust the exemption amount. I hope they do. the problem with trying to determine your AMT now is that congress is still deciding whether or not they will adjust the exemption amount. I hope they do.

]]> By: Minimum Wage http://genxfinance.com/dealing-with-the-alternative-minimum-tax-amt/comment-page-1/#comment-43824 Minimum Wage Thu, 06 Dec 2007 21:22:27 +0000 http://genxfinance.com/2007/12/06/dealing-with-the-alternative-minimum-tax-amt/#comment-43824 I don't think preparing taxes is complicated. I can prepare my state and federal returns in a total of less than 15 minutes. I don’t think preparing taxes is complicated. I can prepare my state and federal returns in a total of less than 15 minutes.

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