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To: Paul Senior who wrote (77979)	1/15/2007 7:20:06 PM
From: schzammm	Read Replies (1) \| Respond to of 206183

This is the 3rd year(2006) in a row I will get caught by the AMT. My CPA explained to me that even if I had a bad year regarding LTCGs(even 80% less in 06 than 05) I would still get hit by the AMT since my state income deduction would be so large that it would trigger AMT by itself. It is not just based on income, any large deduction will trigger it. PS Paul, might be time to look at BRY again.

To: Paul Senior who wrote (77979)	1/15/2007 7:24:31 PM
From: Wyätt Gwyön	Respond to of 206183

i think more people will stop using tax preparers once they get caught by AMT. so tax preparers may not get a representative sample of each income group. in any case, all you have to do is look at the chart on page three of that PDF i linked. that is consistent with my statement. anybody who dismisses that statement out of hand and says it is "totally false" is, fortunately, never going to prepare my taxes.

To: Paul Senior who wrote (77979)	1/15/2007 7:37:30 PM
From: schzammm	Respond to of 206183

I imagine most everyone on the board is a target for AMT. "The AMT is easy to hate. First imposed in 1969 on the wealthy few to ensure they pay tax, it now threatens to catch tens of millions of taxpayers who are not wealthy. That's because the AMT disallows key breaks such as the state and local income tax deduction and child tax credits, and its exemption levels were never indexed for inflation. If nothing is done, 23 million taxpayers will be hit with AMT in 2007, and 39 million by 2017, according to the Tax Policy Center. That assumes President Bush's tax cuts expire as scheduled in 2010. If they're made permanent, 53 million taxpayers will be hit up by 2017." money.cnn.com