December 19, 2007Another annual ’patch’ for AMT in 2007.As a short-term remedy (’extender’ or ’patch’), while big tax changeproposals are being debated (which include AMT), Congress once againacted to temporarily fix AMT for the current tax year (2007); in thesame way they have patched it for years past with no new taxincreases to pay for it.One of the big problems with AMT is that by-law its not indexed forinflation; whereas regular income tax rates and most phase-ins andphase-outs (for deductions and credits) are indexed for i[...]
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[Source: The Money Blogs]
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