Just wait and see what happens if the Hillary/Obama takes office and they let the tax cuts expire. The AMT will shift back down and hit so many more people. I'm not sure but I think the tax bracket would start around low-mid $100k.
FYI: AMT= Alternative Minimum Tax= figure your taxes as you normally would and if you are in this bracket you re-figure them to the AMT and you pay the HIGHER amount. It was originally targeted at less than 100 people (the highest bracket at the time) who had enough exemptions they paid little in taxes. Somebody just forgot to adjust it for inflation over the years and now it hits millions of people.
As far as I can remember I've been subject to the AMT tax and IMO it's about the most unfair tax I've ever seen. You're right though it's already been affecting a much larger portion of the population than it was originally created to affect. Them boys on the hill aren't moving too fast to adjust or take it off the books though as it's free money for them.
__________________ Don't fight with an ignorant because he will drag you down to his own level and beat you to death with his skills.
I got sick of working hard to just pay a freaking amount of tax so I cut back on my income over the last two years. Taxes were not real bad this year, just bad.
I see, so only making like $500,000 this year eh? I say you should increase the number of dependents you have so you can get more deductions. I'll make sure your new kids, neft, 14shillings, 750newspaperclipping, and 0 are there next week.......
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Now I'm just laid bad - G35Princess
R.I.P. MBC
I see, so only making like $500,000 this year eh? I say you should increase the number of dependents you have so you can get more deductions. I'll make sure your new kids, neft, 14shillings, 750newspaperclipping, and 0 are there next week.......
I wish I could add you guys as dependents. But I was getting tired of working all the time and just seeing how much tax I paid made me think whats the point. I was working 40 hours a week at at&t in computer hardware support, between 15-30 a week selling real estate and between 1-5 hours a week during photography work.
Now, I just do at&t and maybe 5-10 hours a week with photography and my wife does most of the real estate. She retired from at&t three years ago so she has the time to the RE work for me now. I still do the contract work, she does the showings and office work.
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giada = gardiner investigates and divulges arseholes
