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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 383.12+0.8%Nov 26 4:00 PM EST
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To: Maurice Winn who wrote (659)9/20/2005 3:40:01 PM
From: Moominoid  Read Replies (1) of 218051
 
The alternative minimum tax. If after computing your tax and taking all available deductions and credits it turns out your tax is too low, they instead apply the alternative minimum tax which disqualifies many of those deductions/credits and then slams a uniform rate on everything. So the kind of tax minimization you can do in Aus with imputation credits and interest deductions, first doesn't exist in the US and second even the ones that do might be disqualified. As a result the US system is "fairer" in the sense that the tax burden is more equally distributed and so the top marginal rates aren't as high.

There is a real complicated worksheet to figure if you have to pay the AMT. Luckily so far I haven't had to. But more and more middle class taxpayers are having to each year, cause it isn't indexed.
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