For general discussion and debate. Possible talking point: The alternative minimum tax. If Congress doesn't act before it recesses, an estimated 23 million more Americans will pay this tax in 2007 than 2006. This will be a HUGE tax increase for many, as my accountant told me the cut-off for a married couple could be $120,000 in income.
Once in the grips of AMT, the unlucky taxpayer can write-off less and less of his/her property and state taxes on his 1040. As such, not only is he/she taxed at a higher rate, but also on a higher adjusted gross income. This makes AMT a HUGE tax increase.
Questions: Why hasn't Congress moved on this, and why hasn't this been a huge on-going media story given the number of families that will be affected? Furthermore, do you think the media would have been mute about this if the issue hadn't been decided last year when the Republicans were still in charge and Democrats were trying to unseat them?
