Fiscal cliff opens door to an AMT fiasco - Tech at particular risk if taxpayers are slammed
27 December 2012
, by John C. Dvorak - Berkeley, Calif. (MarketWatch)http://www.marketwatch.com/story/fiscal-cliff-opens-door-to-an-amt-fiasco-2012-12-27Excerpt:Once people realize that they will be paying much more in 2012 taxes then expected, you can kiss the market goodbye.
This is about the “Alternative Minimum Tax,” which relatively few Americans have ever paid.
The fiscal-cliff situation allows the AMT to revert to older values not adjusted for inflation.
It is estimated that 30 million Americans will be subject to it for 2012. Few news outlets have even mentioned this problem.
This is the part of the fiscal cliff nobody seems interested in talking about.
I learned about it when Georgetown University law professor and tax expert John Buckley discussed the details on C-SPAN
.See ”Washington Journal” interview with Buckley at the C-SPAN website http://www.c-span.org/Events/Washington-Journal-Looks-at-the-Alternative-Minimum-Tax-Patch/10737436275-2/