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yet another Microsoft blogger

# Thursday, December 20, 2007

Final AMT fix for 2007

Congress finally passed the AMT fix for 2007 after the Senate rejected their attempt to use Pay-As-You-Go to pay for the fix (which I was in favor of BTW). This was a rather back and forth that lasted a few months and really should have been solved a long time ago.

However, it doesn't bode well for next year. Sigh.

It will take time for tax forms and online tax software to get updated so I'd wait to do taxes till you can confirm that all the new rules have been updated.

The tax code in this country is in a sad sad state. The future budgets in this country are based on an increasing number of people paying the AMT and it's the dirty little secret that no one cares to point out when the president and our elected representatives are asking for a fix for the AMT.

 

Thursday, December 20, 2007 1:15:10 PM (Pacific Standard Time, UTC-08:00)
Phew! Glad it passed. I do hope this country just implements a flat tax rate.
Friday, December 21, 2007 6:32:28 AM (Pacific Standard Time, UTC-08:00)
>> I do hope this country just implements a flat tax rate.

It will never happen.
Mike
Friday, December 21, 2007 9:41:44 AM (Pacific Standard Time, UTC-08:00)
What is the fix everyone is talking about? Did they eliminate the tax? Did they raise the exemption level? All the articles I have seen on the web (I admit I have not read all of them) do not give specifics.
bob
Friday, December 21, 2007 10:34:30 AM (Pacific Standard Time, UTC-08:00)
The fix is to raise the floor on the tax to adjust for inflation.
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