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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: maceng2 who wrote (94275)4/15/2001 12:36:38 PM
From: Ilaine  Read Replies (1) of 436258
 
The Alternative Minimum Tax (AMT) is a real horror show if you have never dealt with it before - middle income people who hit it rich one year out of their entire lives get whacked so hard you wouldn't believe it. Been there, done that, still can't believe it. Once upon a time, not too long ago, you could average your income if you worked for years on something and got paid all at once in one year. Not no more. All your deductions phase out, too. It's ugly.-ng-

As a self-employed person, I was able to cushion the blow a little by setting up a Keogh plan and buying very nice furniture for my office - but if you work for someone else, you're going to owe Uncle Sam almost 50% of the gross. And these guys who exercised the options but didn't sell the stock don't have the wherewithal to pay the bill now that their stocks have crashed. Beyond ugly - fugly.

And you can't go bankrupt on Uncle Sam.
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