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AMT Patch Appears on the Horizon

As Congress returns to Capitol Hill post-elections, key bipartisan tax leaders have promised to patch the alternative minimum tax ("AMT") for the 2010 tax year. The AMT operates parallel to the regular income tax to ensure that taxpayers pay at least a minimum amount of the federal income tax...

AMT "Ifs and Buts": Considering Prospects for 2012 and Beyond

By Suellen Wolfe, J.D., LL.M. * In 1986, Congress concluded that "that no taxpayer with substantial economic income [should be able to] avoid significant tax liability by using exclusions, deductions, and credits. Although these provisions may provide incentives for worthy goals, they become counterproductive...

Taxing the Rich, and Missing the Point

The hot tax news is that President Obama has proposed extending the so-called Bush tax cuts but only for the middle class, not for the people the President thinks are rich. (If he gets what he wants can we start calling them the Obama tax cuts?) Apparently, the President thinks that families making ...

Promises, Promises

... In 2007 Senator Barack Obama, through a spokeswoman, called the AMT " outdated and in need of sustainable, long-term reform. He looks forward to working in a bipartisan fashion to reform the AMT in the future ." In his first budget for fiscal 2010, President Obama promised a "return...