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Politics : A US National Health Care System? -- Ignore unavailable to you. Want to Upgrade?

To: John Carragher who wrote (17183)4/21/2010 5:50:30 PM
From: TimF  Respond to of 42652
 
I'm not an accountant, or a tax lawyer, or a tax expert, but I do know that there is the Alternate Minimum Tax. If you qualify for having to pay that, you calculate your normal tax liability and your AMT and pay whichever is more.

I think a better idea might be an Alternate Maximum Tax. Calculate both the normal tax and a simple tax where your giving up your deductions but have a lower tax rate, and pay whichever is lower (or just pay the new style AMT if you don't want to bother to do the calculations for both). Or better yet drop the alternate part and just have the simpler tax be the tax everyone pays.



To: John Carragher who wrote (17183)4/21/2010 10:26:42 PM
From: i-node  Read Replies (1) | Respond to of 42652
 
They begin phasing out at AGI of $166,800.

While you can't lose more than 80% of your itemized deductions, that 80% is phased out at the rate of 3% of the excess of AGI over $166,800.

These numbers are indexed annually for inflation.



To: John Carragher who wrote (17183)4/22/2010 8:12:23 PM
From: Brumar89  Respond to of 42652
 
Yes, and it makes me gripe about it every year.


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