Investors Business Daily: “Candidate Obama repeatedly vowed that those earning under $250,000 ‘will not see any of your taxes increase one single dime.’ Will he veto the $3,700 tax hike Congress is considering for 30 million Americans? See “Millions face tax increases under Dems budget plan.”
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The Alternative Minimum Tax bomb exploded January 1, 2010, because Congress failed to pass legislation that would have prevented the tax from affecting millions of taxpayers. The number of taxpayers affected by the AMT will jump from 4 million in calendar year 2009 to 27 million in 2010. As the reach of the [...] Congress created the Alternative Minimum Tax (AMT) in 1969 because of a story in the Wall St. Journal about 100 millionaires who paid no income tax. The primary reason they did not pay any income tax was because they had invested in tax free municipal bonds, a type of investment that produces earnings [...] |
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