12 Kasım 2012 Pazartesi

A SIMPLE FIX

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TheWashington Post article “Middle Class Faces Quick Impact from Fiscal Cliff in Form of Alternative Minimum Tax” explains (highlight is mine) -
Unless Congress acts by the end of the year,more than 26 million households will forthe first time face the AMT, which threatens to tack $3,700, on average, ontotaxpayers’ bills for the current tax year. Because those people have neverpaid the AMT, they have no idea they are in its crosshairs — put there by abroader stalemate over tax policy that has kept Congress from limiting theAMT’s reach.
Forget about the much-publicized taxhikes set to take effect for 2013 — if you have a couple of children and annualincome over $75,000, chances are good that your taxes are on track to go upsubstantially for 2012.
Residents of high-cost urban areas,including Washington, would be hit hardest, with about 2 million households inMaryland, Virginia and the District in line to face the AMT for the first time,by official estimates.
Unlike most tax increases in thefiscal cliff, including the expiration of the George W. Bush-era income taxcuts, the AMT bill would come due almost immediately. And tax experts say itwould be extremely disruptive to try to fix the AMT after the 2012 tax yearcloses Dec. 31.
Itappears that both the Democrats and the Republicans support extending thedreaded Alternative Minimum Tax (AMT) patch –
Lobbyists and aides in both parties say itis hard to imagine Congress letting the new year arrive without legislation torestrict the AMT.”
Itseems easy to fix.  All the idiots inCongress have to do is draft a bill to do nothing more than extend the AMTpatch through at least December 31, 2012. Period.  And have it passed byboth houses.  Simple.  It can be done in one or two days, and intime for the IRS to be able to adjust its software and “go to press” with theappropriate forms and instructions before year-end.
Butof course the members of Congress are incompetent and ineffective idiots whohave absolutely no concern for the American taxpayer.  So don’t hold your breath. 
TTFN

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