Yes...
Quote:
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The alternative minimum tax (or AMT) is an extra tax some people have to pay on top of the regular income tax. The original idea behind this tax was to prevent people with very high incomes from using special tax benefits to pay little or no tax. But for various reasons the AMT reaches more people each year, including some people who don't have very high income and some people who don't have lots of special tax benefits. Congress is studying ways to correct this problem, but until it does, almost anyone is a potential target for this tax.
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Riddle me this...
Will those wage-earners that we are talking about pay MORE or LESS in taxes once the AMT is abolished?
Have we already begun the "it depends on what the meaning of IS, IS"? Sheesh they haven't even taken the oath of office.