Alternative Minimum Tax Freeze… for now.
Friday, December 28th, 2007While I was out of town visiting relatives for Christmas, President Bush signed a bill freezing the alternative minimum tax (AMT) for one year.
This will provide relief to more than 20 million taxpayers that would have faced the AMT this year alone! Last year 4 million paid the AMT, and this year it was projected that 25 million people would be held to the fire. To put it in the most basic terms, the AMT would cost you an extra $2,000 if you were subjected to it. Yeah, that would’ve stung a bit.
Evidently, the bill was passed by Congress just before the holiday recess, and …
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