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View Full Version : The Expiring Tax Cuts



Gerry Clinchy
07-22-2010, 06:48 PM
Heard that Geithner is saying the POTUS will allow the tax cuts to expire, even though many Dems think this is not a good idea; and Bernanke has said that a tax increase would not be "advisable" at this time.

Just as impactful, is the need for Congress to establish exemptions again for the AMT. The original AMT did not provide for inflation, so each year Congress has created exemptions to offset this. However, if they don't do it this year, the AMT will impact millions of taxpayers earning $50K to $100K.

troy schwab
07-23-2010, 08:49 AM
Heard that Geithner is saying the POTUS will allow the tax cuts to expire, even though many Dems think this is not a good idea; and Bernanke has said that a tax increase would not be "advisable" at this time.

Just as impactful, is the need for Congress to establish exemptions again for the AMT. The original AMT did not provide for inflation, so each year Congress has created exemptions to offset this. However, if they don't do it this year, the AMT will impact millions of taxpayers earning $50K to $100K.

Dont worry Gerry...... Bush will get the blame for that too...........