Posts Tagged 'income'

Tax Hikes Due in 2012. Does an 80K Family Income Mean You Are Wealthy? The Fiscal Cliff.

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If the government does not act to change the income tax rules now, many will see their taxes go up when filing next winter… and not by a little but by a lot as $2,000 is hardly small change, The reason lies mainly in the Alternative Minimum Tax (AMT), originally dubbed the “rich man’s tax”. This is a lesser known tax and you won’t be alone if you have never heard of it before.
The original intention when enacted in 1969 was good – to close tax loopholes so that the rich would not be able to benefit from large deductions and pay their fair share. You’ll say: what do I care about this tax? I’m not rich. The problem is that over the years this tax has started to hit more and more people and in the past 10 years it has been on the verge to be unleashed on the middle class. The government has been postponing ...

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