Sunday, November 25, 2007
ATM TAX TO INFLICT 23 MILLION HOUSEHOLDS
Alternative Minimum Tax is going to hit an approximately 23 million households next spring (Spring 2008), up 19 million from 2007 figures of 4 million households. In 1969, Congress created this tax instrument to prevent rich families from dodging taxes. However, it was never indexed to inflation. In 2000, AMT hit 1.3 million taxpayers.
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