Monday, November 05, 2012

The Great Middle-Class Tax Hike

From today's Washington Post:
Unless Congress acts by the end of the year, more than 26 million households will for the first time face the AMT, which threatens to tack $3,700, on average, onto taxpayers’ bills for the current tax year. Because those people have never paid the AMT, they have no idea they are in its crosshairs . . . . 

1 comment:

Jim Gust said...

The AMT will apply to calendar 2012 income, so that's gonna really sting in the blue states. At the same time, the payroll tax reduction will expire, so there will be less cash flow available to pay the enhanced tax.

The odd thing here is that Democrats want the tax cuts to expire, when they represent most of the high income families most adversely affected.