Heavy Lifting - thoughts and web finds by an economist
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Monday, January 18, 2010

The game is rigged?

How about the increase in the number of tax filers who will be hit with some amount of Alternative Minimum Tax liabilities? In 2009, 4 million tax filers were impacted. Thanks to the ignorance, laziness, partisanship or downright nastiness of the folks in Washington, DC, this year (2010) approximately 27 million tax filers will be hit.

Perhaps that is enough of a critical mass to affect change in Washington?

I wonder.

This CBO report outlines the bad news (see chart on page 4).

Essentially, any married taxpayer making more than $100k will face AMT liabilities. I suppose the current Administration will claim that they didn't raise taxes on those making less than $250k, it was Congress or the previous Administration that did the dirty work. Such excuses are becoming more and more lame (at least to me) over time. If you have had a year plus to fix things and decide not to, that is on your plate not on the previous guy.

Vote NO in November.

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