Alternative Minimum Tax

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The Donald's Tax Plan Has Arrived

Promises to simplify tax code, cut income taxes to zero for lowest earners

(Newser) - Slowly but surely, Donald Trump is bulking up the position statements on his website. His immigration and gun rights platforms have now been joined by his new tax plan , which he announced Monday in a press conference from NYC's Trump Tower, CNBC reports. "Too few Americans are working,... More »

Report: Rich Would Dodge Buffett Rule

Tax hike for richest would raise just $47B over 11 years

(Newser) - The proposed "Buffett Rule" tax on America's highest earners would barely make a dent in the federal deficit, according to a report from congressional analysts. The plan to impose a 30% minimum tax on people making more than $1 million a year would raise just $47 billion over... More »

GOP Rolls Out Budget With Huge Tax Cuts

There would be just two brackets, with the top at 25%

(Newser) - House Republicans rolled out a new Paul Ryan-penned budget proposal today that calls for a drastic tax-code overhaul, major changes to Medicare and Medicaid, and deep cuts in domestic spending, all while softening a set of automatic defense spending cuts set to hit in January. The budget would scrap our... More »

Obama Unveils $3.8T Budget, Targets Rich

Budget would institute 'Buffett Rule,' boost infrastructure

(Newser) - President Obama officially unveiled his $3.8 trillion budget today, and as expected it draws a 2012 battle line, calling for higher taxes on the wealthy combined with spending measures intended to bolster the economy, the AP reports. "We built this budget around the idea that our country has... More »

Obama to Unveil Tax-the-Rich Plan Monday

The 'Buffet Rule' create new minimum rate for the wealthy

(Newser) - President Obama plans to roll out his new tax-the-rich proposal on Monday and he's calling it the "Buffett Rule." Named after Warren Buffett, the financial whiz who argues that the mega-rich don't pay enough in taxes , the plan will include a new minimum tax rate for... More »

Incomes Under $400K May Dodge Brunt of Tax Hike

AMT still higher

(Newser) - If your income is in the $200,000-400,000 range, and you’ve been fretting over Barack Obama’s proposed tax hikes, relax; odds are decent you won’t wind up paying more. Obama’s plan does indeed jack up the rates on those tax brackets, but for many those... More »

Senate Puts Pressure on House to Pass Bailout

New bill will cost even more

(Newser) - By resoundingly passing its version of the bailout bill, the Senate has ratcheted up the pressure on House leaders to go along with the plan, the Swamp reports. “We’re going to fix the problem this week,” promised Mitch McConnell. The new bill more than doubles the FDIC... More »

Cheney Makes Way More Than His Boss

VP's family rakes in $3M, while Bushes earn less than $1M

(Newser) - Dick Cheney may report to George Bush, but he out-earned the president threefold last year, according to tax returns released yesterday. The first couple paid $221,635 in taxes on the $923,807 they made in 2007, ABC reports, while the Cheneys paid  $602,651 on their $3,042,767—... More »

Tax Fix Will Delay Millions of Refunds

IRS can't start processing AMT forms until February

(Newser) - The 11th-hour freeze in the alternative minimum tax by Congress last week will delay refund checks for millions of taxpayers this year, the AP reports. Congress shielded middle-class taxpayers from a higher tax bill with its move, but the late date means the IRS won't be able to start processing... More »

House Votes to Keep Alternative Tax at Bay

Bush likely to sign one-year stay, which could benefit 21M

(Newser) - The House voted today to enact a one-year stay of the alternative minimum tax, a measure originally designed to ensure that rich Americans paid their share but has increasingly placed a burden on the middle class, the New York Times reports. President Bush has said he'll sign the legislation, which... More »

Bush's Wins Now Could Be Trouble Later

Victories over Dems may hurt his own initiatives, raise debt

(Newser) - Christmas came early for President Bush, who’s scored a slew of recent victories over the Democratic Congress. But the wins could threaten both the federal debt and some of his own pet projects, the Washington Post speculates. Bush’s steadfast opposition to tax-increasing spending measures from Democrats could push... More »

Dems Relent on Spending Bill

Leaders bow to White House pressure on domestic funding

(Newser) - House Democratic leaders surrendered to pressure from the White House on a wide-ranging domestic spending bill yesterday, dropping demands for $22 billion in additional funding, the Washington Post reports. That still may not be enough for Republicans, who are talking about a possible veto because the bill—$936.5 billion... More »

Senate Blocks Tax Hikes

Fix shields millions from alternative minimum tax

(Newser) - The Senate has voted overwhelmingly to shield 23 million Americans from tax increases imposed by the alternative minimum tax—without replacing $50 billion in lost revenue. The vote to extend protection from the tax represents a retreat for Democrats who had pledged to meet the shortfall with spending cuts or... More »

Early Tax Returns in Jeopardy

Congressional stalling on Alternative Minimum Tax patch may force IRS delay

(Newser) - If you're planning to file for an early tax refund this year, don't count on it. Congress has dragged its feet in creating a patch for the Alternative Minimum Tax that could make the IRS postpone filing season several weeks, the AP reports. A  limit on who's affected by the... More »

House Passes Alternative Minimum Tax Bill

But bill is unlikely to make it through the Senate unchanged

(Newser) - The House passed a sweeping tax-reform bill yesterday—shifting some $78 billion in taxes from middle-class families to the super-rich—that is expected to get little traction in the Senate and has already drawn the promise of a presidential veto. The bill would exempt middle-income families from the Alternative Minimum... More »

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