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Strategies & Market Trends : Aardvark Adventures

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To: ~digs who wrote (1903)	12/14/2005 3:07:16 PM
From: paret	of 7944

AMT will hit 15 million more in 2006 philly.com Associated PressWASHINGTON - Congress won't address the growing reach of the alternative minimum tax this year, leaving more than 15 million individuals and families subject to its bite for the first time next year. Senate Majority Leader Bill Frist (R., Tenn.) told reporters yesterday that legislation addressing the alternative minimum tax would not be completed this year. Lawmakers can act next year to make retroactive changes that ensure taxpayers do not pay more in 2006, but millions will start the year in its grasp. The alternative minimum tax, designed to stop the wealthy from avoiding all taxation, threatens more middle-class taxpayers every year because of inflation. The number of individuals and families opening their wallets to pay the tax is projected to jump from roughly 3.5 million for 2005 taxes to nearly 19 million for 2006 taxes. Congress regularly erects barriers against the tax to prevent inflation and recent tax cuts from pushing middle-class families onto the alternative-minimum-tax rolls. But the most recent patch holding back the tax expires Dec. 31. The House and Senate have passed separate bills applying a temporary fix to reduce by roughly $30 billion 2006 taxes for those affected. Those bills have gotten stuck in a broader debate over tax policy, specifically a GOP effort to prevent tax cuts for capital gains and dividends from expiring at the end of 2008. The expiration of the temporary alternative-minimum-tax patch means a total of nearly 19 million individuals and families can expect to pay the AMT on their 2006 income. It would be the first time for more than 15 million taxpayers, most of them married couples. The extra taxes would come due in 2007 when returns for 2006 must be filed with the Internal Revenue Service. The alternative minimum tax exists as a second system of taxation that forces some individuals and families to figure their taxes twice and pay the higher amount. It is more likely to affect taxpayers who have more than one child or who pay high state and local taxes. email thisprint this

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