Debt Projections Worsen; Administration Promises Action Aug 26, 2009
The CBO showed similar long-term figures to the OMB, although its longer-term deficit is smaller because CBO analysts assume that all of the Bush-era tax cuts expire at the end of 2010, while the Obama administration assumes that many of those tax cuts, as well as tax breaks for the alternative minimum tax, will continue. July 6, 12 a.m.. (Roll Call)
Concord Coalition Says New Projections Show Need for Health Care Cost Control and Deficit Reduction Plan Aug 26, 2009
Concord's plausible baseline uses CBO's more pessimistic economic assumptions and assumes that the 2001 and 2003 tax cuts are extended with continued relief from the alternative minimum tax, that the temporary tax cuts enacted as part of the 2009 stimulus bill are also extended, that discretionary spending grows at the same rate as economic growth (GDP), and that spending on the wars in Iraq and Afghanistan slows gradually. It shows much larger deficits averaging $1. (PR Newswire)
Is a Roth IRA Right for You? Aug 25, 2009
For some, the additional taxable income from the conversion could push them into a higher tax bracket or into the Alternative Minimum Tax. That could cause them to lose deductions and pay more overall tax than they otherwise would. (BusinessWeek)
National Suicide Aug 25, 2009
The Alternative Minimum Tax, which he says is "based on an accounting lie," will cost taxpayers $1 trillion over the next 10 years. America, he writes, spends $700 billion a year on various welfare programs, amounting to $65,000 for each poor family of four, yet we still have the poor with us. (Townhall.com)
How California Can Avoid a Sequel of the Budget Crisis Aug 6, 2009
I estimated that California could scrap its complicated income tax code, along with the estate and gift taxes as well as the alternative minimum tax and taxes on corporate dividend payments, and replace them with a simple, flat-rate income tax of 3 percent. A Californian making $50,000 would pay the same flat rate as a Californian making $500,000. (Human Events Online)
Tax Surcharge For Health Care Faces Broad-Based Opposition Aug 2, 2009
In 2007, Ways and Means Chairman Charlie Rangel, who pushed the health care surtax, proposed a 4% surtax on households earning $200,000 as a way of repealing the alternative minimum tax. In the 2008 campaign, President Obama pitched a 2% to 4% tax on income over $250,000 to help close Social Security's shortfall. (Investors Business Daily)
Obama's Legislative Approach: Pragmatism Aug 1, 2009
In the end, the legislation was trimmed to $787 billion, with about $70 billion going to a temporary fix of the Alternative Minimum Tax, an annual adjustment with little stimulative impact. At the time, the President did not call for a larger bill, despite warnings from a wide range of economists that more funding would be needed, given the precipitous deterioration of the economy. (Time.com)
Generations of Debt Jul 31, 2009
If anything, these estimates are conservative: they assume current law will not change -- the 2001 tax cuts expire, the alternative minimum tax s effect grows unchecked, and existing entitlement programs are not made more generous. To begin to even make the sums involved mentally manageable, they are presented as percentages of America s annual economic output. (Human Events Online)
DAVID BRODER: This 'pay-go' plan is not a solution Jul 24, 2009
The reason is that the bill exempts from pay-go all the spending involved in Medicare physician payments and all the revenue dependent on estate and gift taxes, the alternative minimum tax for individuals and the administration's plan to continue the middle-income tax cuts of 2001 and 2003. That is not the only giant loophole in this version of pay-go. (Fresno Bee -- Opinion)
House Dems want to tax the rich for health care Jul 12, 2009
bert wrote on Jul 9, 2009 11:46 AM:" Does no one remember the Alternative Minimum Tax? The idea was that the "rich" need to carry more of the tax burden. Therefore any one making over a certain dollar figure is required to pay a minimum tax. Sounds like a good idea. Especially to those who make under that cap. Unfortunately there was not an index built into the tax. So as inflation forces pay to rise, more and more tax payers are caught in the Alternative Minimum Tax. Even though by today's... (Longview Daily News, WA)
Deficit needs long-term plan Jul 8, 2009
Rather, it is Obama's long-term budget that would more than double the projected deficit over the next 10 years, to $9 trillion, by extending most of the Bush tax cuts and limiting the alternative minimum tax while creating new programs and entitlements (to college tuition scholarships, for example) and refusing to cut back on existing ones. And that's not to mention his top priority, universal access to health care. (Albany Times Union)
Jobless Rate at 9.5 Percent; 26-Year High Jul 3, 2009
Extend and index alternative minimum tax 5. Expanded elegibility for SCHIP funds 6. (CBS News)
Bailout of U.S. Banks Gives British Rum Maker Diageo $2.7 Billion Benefit Jun 29, 2009
The largest added measure would spare more than 25 million U.S. households from a scheduled increase in the alternative minimum tax -- a special levy that eliminates many deductions when they become too high relative to income -- for one year by temporarily indexing the tax for inflation. Baucus didnt know until months later, Sullivan says, that one of those added provisions would steer about $2. (Bloomberg)
Investor Report: Bailout to Aid Investors Jun 23, 2009
To help investors and other taxpayers take maximum advantage of all the credits, the law also increases the income tax limits for the Alternative Minimum Tax (or AMT), and allows unused energy tax credits to be carried over to the property owner's next tax year. And finally, just in case you want to drive to your energy-efficient real estate using a fuel other than gasoline, the law also provides up to a $7,500 tax credit for plug-in hybrid vehicles. (RealtyTimes)
* Industry group presents economic demands Jun 17, 2009
The business group, which represents 151 domestic industries, said that the alternative minimum tax scheme, which was introduced in 2006, should be scrapped, while the top bracket for individual income taxes should be halved to 20 percent after the legislature approved a measure to cut the top bracket for business income taxes to 20 percent in two years from the current 25 percent. Fundamentally, we believe that lower taxes will always help boost the local economys competitiveness and could... (Taipei Times, Taiwan -- Sports)
National Sales Tax Gets Fresh Look; Rahm Emanuel's brother advises 10% VAT... May 28, 2009
Burman, who helped House Democrats craft an unsuccessful 2007 plan to repeal the alternative minimum tax, said he's received a number of phone calls from lawmakers interested in his idea, though "they can't quite imagine how to make it happen politically." Burman said the 25 percent rate has caused some sticker shock, and he's trying to figure out how to bring it down. Graetz's proposal drew an endorsement from Volcker, who last year called it "a sensible plan for reform." (Volcker did not... (The Drudge Report)
Chevy’s mild’ hybrid packed with features May 16, 2009
Taxpayers subject to alternative minimum tax may not qualify. 2009 Malibu Hybrid specifications. (Helena Independent Record, MT)
Budget Deficit To Surpass $1.8 Billion May 12, 2009
It also would renew most of the Bush tax cuts enacted in 2001 and 2003, and would permanently update the alternative minimum tax so that it would hit fewer middle- to upper-income taxpayers. MMIX The Associated Press. (CBS News)
Despite stimulus funds, states to cut more jobs May 12, 2009
The senators wanted to reduce the package to less than $800 billion, and several wanted to make room for a $70 billion patch of the alternative minimum tax. Supporters of the final $787 billion bill, which included $25 billion less in state aid than the House plan, said it would help states avoid severe cuts. (AZCentral -- News)
Dollars & Sense: Less taxing investments May 9, 2009
Income from certain private activity bonds may be subject to the federal alternative minimum tax (AMT) although bonds issued in 2009 and 2010 may be exempt from this AMT.. Because of this, the interest rate on municipal bonds is typically lower than yields on taxable bonds of a comparable nature. (Lincoln Journal, MA)
Do Blue Dog Democrats have clout to hold down spending? May 7, 2009
went further four days later, writing that the concept would be used for four bills affecting middle-class tax cuts, alternative minimum tax relief, estate tax provisions and changes in the Medicare rate for doctors. "If those criteria are not met," Hoyer said later, "we will not bring that legislation to the floor.". (Fresno Bee -- Local)
Political Economy: Promises, Promises May 3, 2009
Bending the Rules The way budget rules work, when Congress tries to prevent the alternative minimum tax from biting into the wallets of millions of additional middle-class taxpayers, lawmakers can pretend they never intended to let the AMT grow so big. In that case the proposed change in the law wouldn't cost very much. (Yahoo News -- Politics)
Congress advancing much of Obama's budget Apr 29, 2009
It assumes Congress will devote only $50 billion a year for operations in Iraq and Afghanistan for 2011 and beyond and pass an annual fix for the alternative minimum tax without adding to the deficit. "It is just so disingenuous it's almost unbelievable," said Sen. (MSNBC -- Politics)
Democrats near agreement on budget Apr 28, 2009
Senate Budget Committee Chairman Kent Conrad of North Dakota told reporters that the budget plan would extend for three years a temporary fix that prevents the alternative minimum tax, or AMT, from hitting more than 20 million taxpayers. The AMT was enacted 40 years ago to make sure wealthy people can't dodge the tax system, but it was never adjusted for inflation and now increasingly threatens middle-class taxpayers with increases averaging $2,000 a year. (MSNBC -- Politics)
Beatdown at the Sliman ... Some area firms resort to layoffs ... TEA event a time to vent ... Suspected house drug dealer sought by IPSO ... Sign Language ... Melancon at Sliman Theater ... Jeanerette trying to leash pit bull issue ... HOT FESTIVITIES ... Plans for improved Jeanerette airport try to get liftoff ... A Great Team ... Cleared in tear gas case ... LAO NEW YEAR ... Musician finds home in New Iberia ... Dave Robicheaux inspired ... Drug kingpin pleads ... FULL-TIME ART GALLERY ... Canadian bicycle riders pedal climate message ... GONE IN 60 SECONDS ... Landrieu wants more offshore drilling ... Jefferson Street Bridge closed ... Video bingo - legality is all in the percentages ... Man gets 2 DWIs in 30 minutes ... GETTING INVOLVED ... Lafayette men nabbed with drugs ... Day of Caring unites area ... Bank robbed ... Checking out Roses ... Officials: Tasers shockingly safe ... Two shot to death ... Repair work briefly closes Nelson Canal ... Dump truck goes wide right, smashes into pole ... Fitness wins at Iberia meet ... Holly right for Hopkins? ... Neighborhood salon undone ... Spring concert for Iberia Community Band ... Tips available for Teche Area\'s job hunters ... Cleansing District 4 ... Dual enrollment for hard worker ... ELEGANT LADY GREAT 8 WORTHY ... Unclaimed bikes pile up ... PLAY \'CLOSE TO HOME\' ... State, federal cuts to farming concern many ... Stabbing, standoff ... Bikers ready to ride Sunday for St. Jude fundraiser ... LEASH THE DUCKS ... Loan departments busy ... Rebuilding Clubhouse ... Walk in the Park set for Saturday ... Record crowd packs park for Live Oaks Festival ... A true Teche Area tree hugger extraordinaire ... \'ALTERNATIVE BREAK\' HELP ... Bridwell\'s artwork on display in St. Martinville ... Bridging the gap over Bayou Warehouse ... Interest grows in Sugarland garden ... ';var marqueewidth="515px";var marqueeheight="25px";var marqueebgcolor="#";////NO NEED TO EDIT BELOW THIS LINE////////////var pauseit=1;var marqueespeed=1 //slow speed down by 1 for NSvar copyspeed=marqueespeedvar pausespeed=(pauseit==0)? copyspeed: 0var iedom=document.all||document.getElementByIdif (iedom)document.write(''+marqueecontent+'')var actualwidth=''var cross_marquee, ns_marqueefunction populate(){if (iedom){cross_marquee=document.getElementById? document.getElementById("iemarquee") : document.all.iemarqueecross_marquee.style.left=parseInt(marqueewidth)+8+"px"cross_marquee.innerHTML=marqueecontentactualwidth=document.all? temp.offsetWidth : document.getElementById("temp").offsetWidth}else if (document.layers){ns_marquee=document.ns_marquee.document.ns_marquee2ns_marquee.left=parseInt(marqueewidth)+8ns_marquee.document.write(marqueecontent)ns_marquee.document.close()actualwidth=ns_marquee.document.width}lefttime=setInterval("scrollmarquee()",20)}window.onload=populate;function scrollmarquee(){if (iedom){if (parseInt(cross_marquee.style.left)>(actualwidth*(-1)+8))cross_marquee.style.left=parseInt(cross_marquee.style.left)-copyspeed+"px"elsecross_marquee.style.left=parseInt(marqueewidth)+8+"px"}else if (document.layers){if (ns_marquee.left>(actualwidth*(-1)+8))ns_marquee.left-=copyspeedelsens_marquee.left=parseInt(marqueewidth)+8}}if (iedom||document.layers){with (document){document.write('')if (iedom){write('')write('')write('')write('')}else if (document.layers){write('')write('')write('')}document.write('')}} Beatdown at the Sliman Apr 18, 2009
The new budget also will bring much-needed reform to benefits to veterans, health care and other issues like the alternative minimum tax, he said, but many residents argued that the government needs to get out of our way. Things are getting fixed for the long term, Melancon said. (New Iberia, LA)
Obama's Budget Supports Failed Bush Policies Apr 14, 2009
Instead, it would make the 2001 and 2003 tax cuts permanent, along with the Alternative Minimum Tax reduction. But it would provide beleaguered taxpayers a further tax break by giving anyone a choice between a 10 percent marginal tax rate for those making less than $100,000 and a 25 percent rate for those making more than $100,000. (Townhall.com)
Fiscal sanity dies in Obama budget Apr 9, 2009
These include keeping emergency spending items that you know are coming out of the budget, budgeting tens of billions in revenue from the alternative minimum tax, which Congress never implements, and reducing the budget window from 10 years to five years to hide the exploding deficits in the out years. That s hypocrisy. (Atlanta Journal-Constitution -- Opinion)
Answer Desk: Big bonuses for everyone? Apr 5, 2009
Most of that money will pay for tax cuts targeted to specific groups including people with the lowest incomes, first-time home buyers, people whose unemployment benefits are about to run out or the rapidly growing middle-income households who are being victimized by the "alternative minimum tax" originally created to make rich people pay their fair share. Some of these people who are eligible for a tax cut, and dont owe any taxes, get a refundable tax credit (aka a check. (MSNBC -- Business)
Bar Raised For Alternative Minimum Tax Apr 5, 2009
The Alternative Minimum Tax was created to make sure that Americans, particularly the wealthy, pay some income taxes. But over time, it has ensnared an increasing number of middle-income taxpayers. (Click2Houston, TX)
Denish visits Grants Apr 4, 2009
There are also provisions for increased unemployment benefits, relief from the Alternative Minimum Tax, more liberal child tax credits and tax relief for laid-off workers. There will be an increase in the Pell Grants Program for higher education and increased access to healthcare for Native Americans as well, she said. (Grants Cibola County Beacon, NM)
WHX Corporation Reports Financial Results for the Fourth Quarter and Year End 2008, and Analyst Call on 4/6 at 8:30 am ET Apr 3, 2009
Although the Company realized taxable income in 2008, WHX's federal tax net operating loss carry forwards sheltered us from federal income tax except for a minimal amount of alternative minimum tax. As of December 31, 2008, WHX's federal tax net operating loss carry forwards were in excess of $190 million. (PR Newswire)
Ryan Explains Republican Alternative Budget Apr 2, 2009
The alternative budget also avoids the huge tax increase scheduled at the end of 2010 by making the 2001 and 2003 tax relief permanent, it would permanently extend the alternative minimum tax patch and offers folks an option of entering a two-tiered flat tax option with generous personal exemptions. Most importantly, the Republican budget endorses responsibly yet aggressively making use of our country s own natural resources in drilling the Outer Continental Shelf and exploring the Arctic plains... (Human Events Online)
00004000Another Obama Nominee Has Tax Issues Apr 1, 2009
She also writes that she had "insufficient documentation" for some of her tax dedications for business expenses, though because of the Alternative Minimum Tax they did not affect the amount owed. She also said she mistakenly paid off a home loan that included deductable mortgage interest. (CBS News)
House-Senate Budget Fight Coming Mar 28, 2009
Republicans would also permanently fix the Alternative Minimum Tax (AMT) so that millions would no longer have to fear the possible imposition of a huge, new tax each year. The Republican budget will offer their all of the above solutions for energy independence that would not only facilitate clean energy alternatives but would streamline the process for environmentally safe Outer Continental Shelf drilling and Arctic Coastal Plain energy exploration. (Human Events Online)
Budget moves through Senate committee Mar 28, 2009
It also curtails Obama's fix of the costly alternative minimum tax and doesn't account for increased payments for doctors who care for Medicare recipients, said Sen. Judd Gregg of New Hampshire, the top Republican on the Budget Committee. (CNN -- US)
Bill would lock in middle-class tax cut Mar 27, 2009
The legislation introduced by Senate Finance Committee chairman Max Baucus, a Montana Democrat, would protect middle-income taxpayers from the alternative minimum tax and the marriage penalty, would lock in 2009 estate tax rates, and would make permanent the 10, 25, and 28 percent individual income tax rates set in major tax cut legislation passed in 2001 ... The cost of adjusting the alternative minimum tax - a levy originally designed to corral a few extremely rich tax dodgers that could... (Boston Globe)
Fiscal Policy: The GOP Alternative Mar 27, 2009
The capital gains tax would be cut and the Alternative Minimum Tax would be fixed to prevent huge surprise tax hikes each year. Also, businesses with fewer than 500 employees would get a deduction of 20% of their income, so "these engines of growth will continue to fuel our economic recovery and companies can compete with their foreign counterparts, while keeping jobs here at home.". (Investors Business Daily)
Democrats unite behind president's budget priorities Mar 27, 2009
Additionally, both House and Senate Democrats assume in their version that Obama's $400 tax credit for most workers will expire after 2010 and fail to permanently extend relief from the alternative minimum tax. But none of that means the tax cuts can't be kept in place in 2011 and beyond, only that lawmakers would have to find offsetting revenue to pay for them, said Kent Conrad of North Dakota, chairman of the Senate Budget Committee. (Casa Grande Valley Newspapers, AZ)
Highlights of budget plans by Obama, Democrats Mar 26, 2009
Permanently addresses alternative minimum tax so more than 20 million taxpayers don't get hit with tax increases averaging $2,000 a year, and extends a $400 "Making Work Pay" tax credit for most workers and $800 for couples after it expires next year. House: Generally tracks Obama, except that the $400-$800 tax credit and AMT relief expire after 2010. (International Herald Tribune)
Dems in Congress rally around Obama's plan Mar 26, 2009
Also, both House and Senate Democrats assume that Obama's $400 tax credit for most workers will expire after 2010 and fail to permanently extend relief from the alternative minimum tax. The House plan calls for spending $3. (AZCentral -- News)
Tax Time: Know About These Changes (And Don't forget About These Deductions) Mar 26, 2009
The Alternative Minimum Tax has been snaring more and more middle-income Americans, but Congress raised the AMT income-exemption figures for 2008 to $46,200 for single taxpayers and $69,950 for married couples filing jointly (and these figures will increase for 2009). -- Get your share of the recovery rebate credit. (Townhall.com)
Obama touts $3.6 trillion spending outline Mar 26, 2009
The House proposal would make bigger changes in future years, slicing another $60 billion from Obama's request for nondefense programs and rejecting the president's proposal to permanently exempt millions of middle-class families from the expensive alternative minimum tax. Like the Senate, the House also scrapped Obama's plan to extend an $800 tax cut for working families that was temporarily enacted in the economic stimulus package. (San Francisco Chronicle -- Politics)
Obama's Budget Fight Starts With His Own Party Mar 26, 2009
It dropped the long-term inclusion of the costly Alternative Minimum Tax fix an annual must-pass bill to prevent the tax once intended for the super rich from hitting the Middle Class and opted for a shorter time-line of just five years versus the 10-year budget the White House had crafted. "Given the state of the economy, everyone agrees that it's very difficult to predict the next five years," said Senator Mark Pryor, an Arkansas Democrat, "let alone 10 years.". (Time.com)
Obama budget on the march through Congress Mar 26, 2009
Republicans pointed out budgetary sleights of hand in the congressional plans, like abandoning Obama's promises for permanent relief from the alternative minimum tax and other politically essential legislation, such as funding to shelter doctors from cutbacks in payments they receive for serving Medicare patients. In the House, Rep. (International Herald Tribune)
Senate Trims Obama's Plans For Spending Mar 26, 2009
It also assumes that more and more of the middle class will pay the Alternative Minimum Tax, although Congress has annually lifted the AMT for most taxpayers. In practice, many budget analysts say AMT patches will continue and Democrats will be loath to hike taxes on working Americans. (Investors Business Daily)
Senate Dems poised to cut budget by billions Mar 25, 2009
Conrad's budget also curtails Obama's fix of the costly alternative minimum tax and doesn't account for increased payments for doctors who care for Medicare recipients, said Sen. Judd Gregg of New Hampshire, the top Republican on the Budget Committee. (CNN)
Dems in senate scrap... Mar 25, 2009
But Conrad also makes several shaky assumptions, especially that Congress will raise taxes by more than $114 billion over 2013-14 to make sure middle-class taxpayers won't get hit by the alternative minimum tax. He also saves $87 billion by promising Congress will come up with spending cuts or new revenues to avoid cuts in Medicare payments to doctors. (The Drudge Report)
Brawl over Obama budget brews in U.S. Congress Mar 25, 2009
He added that he would provide $72 billion in estate tax reforms and $216 billion to keep middle-class taxpayers from getting sucked into the Alternative Minimum Tax that originally was intended only for the very wealthy. Conrad said any additional AMT fix would have to be paid for after three years and some of the tax cuts introduced by the Bush administration would expire for the wealthy. (The Star Online, Malaysia)
New Tax Season Brings Many Changes Mar 24, 2009
They include increased exemptions approved by Congress for the alternative minimum tax. It has risen to nearly $70,000 for a married couple filing a joint return and more than $46,000 for singles and heads of households. (Click2Houston, TX)
Stimulus may help airports with bonds Mar 23, 2009
Its bonds are not subject to the alternative minimum tax (AMT) for investors, thus making them cheaper for the airport to issue. The stimulus program included a new law that excludes interest earned on certain airport revenue bonds issued this year and next from the federal AMT. In the past, federal tax law classified a majority of airport bonds as "private activity" bonds, requiring investors subject to AMT to pay taxes on income from them. (USA Today -- Money)
Nashville airport uses stimulus to issue bonds Mar 20, 2009
These bonds are not subject to the alternative minimum tax for individuals or corporations. The airport says avoiding that tax will save the airport authority $3. (Nashville Business Journal, TN)
China our not-so-silent partner now Mar 15, 2009
The GOP sure is talking a lot about Obama and his stimulus and how it is just a bunch of spend, spend, spend even though it contains huge tax cuts for most people in the US including more funding for the alternative minimum tax for the wealthier folks. Not very honest. (Atlanta Journal-Constitution -- Opinion)
Answer Desk: Another stimulus check? Mar 13, 2009
And taxpayers will also get relief from the monstrous Alternative Minimum Tax enacted decades ago to snare rich people that threatened to attack 24 million middle-class taxpayers in 2009. Youll save that money when you pay your 2009 taxes. (MSNBC -- Business)
Can Obama Keep Moderate Dems in Line on His Budget? Mar 12, 2009
He included items that President George W. Bush did not to obscure the true operating cost of the government, such as the money for the wars in Iraq and Afghanistan, an annual multibillion-dollar fix of the fees that Medicare pays physicians and Alternative Minimum Tax relief for the middle class. "At least the budget that the Obama Administration presented, even though it's huge and it's a huge deficit and that enables the other team to beat up on it the truth is that it's honest and truthful,"... (Time.com)
If Tax-Cut Lapsing Is Class Warfare, Let's Fight: John M. Berry Mar 12, 2009
Furthermore, it does what no budget proposed by Bush or ever did: it treats the alternative minimum tax realistically. That is, it acknowledges that lawmakers would act every year to prevent the AMT from hitting millions of added taxpayers. (Bloomberg -- Columnists)
Using A Pro To Do Your Taxes: Worth It? Mar 11, 2009
Using A Pro To Do Your Taxes: Worth It. Using A Pro To Do Your Taxes: Worth It. (CBS News -- Early Show)
WSJ: Obama's Radicalism Is Killing the Dow... Mar 7, 2009
To be fair, specific parts of the president's budget are admirable and deserve support: increased means-testing in agriculture and medical payments; permanent indexing of the alternative minimum tax and other tax reductions; recognizing the need for further financial rescue and likely losses thereon; and bringing spending into the budget that was previously in supplemental appropriations, such as funding for the wars in Iraq and Afghanistan. The specific problems, however, far outweigh the... (The Drudge Report)
Mutual Funds &Personal Finance Mar 7, 2009
But that deduction will be worth less or nothing if you owe the alternative minimum tax. You can't take this and most types of miscellaneous deductions against the AMT.. (Investors Business Daily)
`No Deal' Republicans Map Disaster of Own Making: John M. Berry Mar 5, 2009
To win just the handful of Republican yes votes needed to pass, the bill had to include a provision preventing the alternative minimum tax from affecting a wide swath of middle-income taxpayers. That meant $70 billion -- almost 10 percent of the total measure -- wouldnt provide any stimulus at all. (Bloomberg -- Columnists)
Obama team counters GOP attacks on budget Mar 4, 2009
Republicans and Democrats praised Obama for delivering an honest assessment of the nation's finances that acknowledges that Congress will never permit the alternative minimum tax to collect billions of fresh dollars. Meanwhile, Obama's budget includes the projected cost of the Iraq war, a big-ticket item left off the books by former President George W. Bush. (Boston Globe)
Some want state to refuse stimulus Mar 4, 2009
Other provisions reward first-time home buyers and protect some taxpayers from the alternative minimum tax. There are also several business tax breaks. (Jefferson City News Tribune, MO)
Obama Spending Shocks in Scale, Builds Upon Bush Mar 2, 2009
Even correcting for Obamas admirable honesty concerning a real fix of the alternative minimum tax, and its resulting drop in tax revenue collected, his plan would raise less revenue than we thought we would get last year. And yet he plans to jack up spending. (Bloomberg -- Columnists)
Obama budget cuts taxes of typical family Mar 2, 2009
Obama's budget proposal would provide a long-term fix for the Alternative Minimum Tax, sparing more than 20 million taxpayers from significant tax increases. The tax was enacted 40 years ago to make sure wealthy taxpayers pay at least some tax. (MSNBC -- Business)
Another View: Big numbers on Obama's first budget Feb 28, 2009
It acknowledges some huge expenses that Bush administration budgets studiously ignored, such as the cost of providing relief from the alternative minimum tax. It provides 130 billion in war funding for 2010, a reasonable estimate. (Hanford Sentinal, CA)
Twittering Past the Graveyard Feb 28, 2009
He annual expenditures like the Iraq war, the Alternative Minimum Tax patch, or disaster funding the way the Bush administration did. His health care plan is , because health care costs are booming, which affects the private sector and entitlement growth. (Slate)
