Thread: Thanks Barry.
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Old 01-30-2013, 09:03   #18
Dennis in MA
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Join Date: Aug 2001
Location: Taunton, MA
Posts: 52,520
Quote:
Originally Posted by SC Tiger View Post
I've been reading and some of this is based on the Alternative Minimum Tax. I'm still trying to get my head around the whole thing but basically Congress forgot to re-set the income that qualifies for AMT so it is now at $45,000 for married couples. There are exemptions as well that don't qualify if you pay AMT.

Perhaps someone more knowledgeble in tax law can help me figure this out.
No.

http://business.time.com/2013/01/03/...a-dreaded-tax/

It was ORIGINALLY 45K. Back long ago. (1970's?) I still say AMT is set too low. It's designed to trap tax dodgers, not anyone making more than X. Limits are too low. Total tax % is too high. (I want to say it was the lower 20's for a while. I could be wrong.)
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