According to Investors Business Daily, this 1969 tax intended to assure wealthy people paid income tax has expanded to the point millions of taxpayers, individuals earning as little as $33,750 or joint filers earning as little as $45,000, will probably be hit pretty hard.
Back in 2011 tax year, the AMT hit single taxpayers with incomes as low as $48,450 and joint filers making only $74,450.
So who gets hit with this AMT? Can you say, “Just about everyone!”?
Up till this tax year, nominally 4,000,000 taxpayers were affected by AMT. In 2013 28,000,000 households could be hit with this tax and regarding potential income tax returns for those in the $75,000 to $300,000 income bracket, you can say fogeddaboutit!
Again I ask: What is the real alternative? The only sound, logical, sane alternative is to dramatically cut federal spending while simultaneously, dramatically cutting taxes. The value of tax dollars paid into the Treasury is infinitely higher than the value of inflated dollars printed by the BEP so Treasury can buy its own bonds.
Obama said he would work for a balanced budget and “everything is on the table”. Well, to be sure none of his social programs are ‘on the table’. Now, the Chief-Executive-Who-Speaks-From-Both-Sides-of-The-Mouth says no to cutting spending and insists on dramatic tax increases.
I warned the people as best I could, but a majority of voters decided to be willingly ignorant of facts and history. Consequently, their false messiah got re-elected.
They got what they wanted, but they’ll not want what they’re going to get.