How The Alternative Minimum Tax Could Slam You
Excerpt:Anyone who follows the adventures of the alternative minimum tax has to be getting sick of the many sequels. Again and again, this unpopular income tax threatens to hit middle-class families with large and unexpected tax increases. And each time the threat reappears, Congress applies a "patch" to fix the problem temporarily. That makes the threat an annual event — along with the associated congressional hand-wringing and taxpayer confusion. So here we are again, with the AMT looming over about 27 million more taxpayers this year. It's just one part of the so-called fiscal cliff — a big cluster of automatic spending cuts and tax hikes that will take effect at year's end unless Congress acts. November 13, 2012 To understand the AMT, you need three chunks of information, involving its history, its impact and the politics. Let's get started.
Keywords:
taxes tax breaks tax code alternative minimum tax income tax tax rates tax revenues Tax Policy Center taxpayers tax system middle-class home mortgage interest deduction American Bar Association consumer spending IRS Commissioner Capitol Hill real estate next year New York carrot mess cliff incentive coffers looming homeownership inept sequels escalator deficits cherished undo scrambles social patching tangled delays grab upper-middle-class nonpartisan incoming nightmare budgeting Doug fair theoretical Exhibit A experts Eric regularPeople:
Eric Toder
Overall Sentiment: 0.0194919
Relevance: 0.224348
| Sentiment | Quote |
|---|---|
| -0.0123991 | "If patching the AMT were the only thing out there, it would get done," says Eric Toder, ... |
| -0.392669 | "They can only afford to kill it a year at a time," he says. ... |
| -0.227394 | "They can only afford to kill it a year at a time," he says. "It's a mess." |
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Commissioner Doug Shulman
Overall Sentiment: 0
Relevance: 0.155931
| Sentiment | Quote |
|---|---|
| -0.0798659 | "The biggest and thorniest problem for the IRS and next year's filing season is the AMT patch," IRS Commissioner Doug Shulman said ... |
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Key:
- Aggregate Sentiment is meant to be an indicator of an individual's overall sentiment.
- The Mean is meant to be an indicator of an individual's average comment sentiment.
- The Standard Deviation, when there are enough quotes, will indicate an individual's consistency of sentiment (i.e. a Standard Deviation of 0 would mean they were very consistent in their sentiment and 1 would mean they were very inconsistent).
Note that quote stats are likely to be meaningless beyond the aggregate score due to the tiny sample size. However, they are always provided just in case you find something useful there.
Additional Info:
Organization: AMT
Overall Sentiment: -0.111288
Relevance: 0.817526
Organization: Congress
Overall Sentiment: 0.0416549
Relevance: 0.8065
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The alternative minimum tax is looming over about 27 million more taxpayers this year. It's just one part of the so-called fiscal cliff — a big cluster of automatic spending cuts and tax hikes that will occur if Congress does not act. Those taxpayers could end up paying an average of $3,700 more without a fix.
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How The Alternative Minimum Tax Could Slam You
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