Gillibrand says middle class tax cuts are priority Oct 26, 2008
On taxes, Gillibrand said that the Alternative Minimum Tax must be eliminated or permanently fixed so that small-business owners and the middle class do not have to pay additional money in taxes. She supports middle class tax cuts and called them one of her top priorities. (Hudson Register Star, NY)
POINT-COUNTERPOINT: Why Giffords should be re-elected Oct 25, 2008
After opposing one flawed proposal, she supported a much-improved bill that not only addressed these concerns but also promoted policies she had been seeking: protected taxpayers from the Alternative Minimum Tax; increased the number of families qualifying for the child tax credit; extended tax deductions for state and local sales and property taxes; and increased FDIC insurance to 250,000. Congress has more work to do to fix this problem and the underlying regulatory problems that contributed... (Sierra Vista Herald, AZ)
McCain's plan to lower taxes is America's express lane back to prosperity Oct 24, 2008
McCain's economic plan also phases out the alternative minimum tax, which will save more than 25-million middle-class families more than $2,000 every year. Also, he will double federal income tax exemptions for dependent children from $3,500 to $7,000. (Fresno Bee -- Opinion)
Small Business Strategies Oct 24, 2008
Phase out the Alternative Minimum Tax. Ban Internet taxes. (USA Today -- Money)
Kirsten Gillibrand Oct 24, 2008
I also support repealing the Alternative Minimum Tax (AMT) and extending the 2001 and 2003 tax cuts for middle class families. 3) After the financial rescue, the most important thing Congress can do is to bring more transparency and accountability to the financial industry. (Pine Plains Register Herald, NY)
More Fibre layoffs coming next week Oct 22, 2008
Bill Clinton and the Democrats with their tax the wealthy and redistribute the wealth philosophy passed the Alternative Minimum Tax legislation ... The alternative minimum tax. (Longview Daily News, WA)
Credit That Obama Calls A Tax Cut Will Be Of Zero Help To Economy Oct 22, 2008
McCain further proposes to phase out the alternative minimum tax, which would otherwise burden 25 million middle-class families. This will save middle-class families $2,700 each year on average, an overall middle-class tax cut of $60 billion per year. (Investors Business Daily)
America's Most Taxing Towns Oct 21, 2008
The dreaded Alternative Minimum Tax, a federal tax levied on high-income earners, is not accounted for. And what of the accusation that the District's study deliberately shows that the tax burden of people in the nation's capital isn't so high, relatively speaking. (Forbes -- Business)
INCOME-TAX IDIOCY Oct 20, 2008
For the growing number of New Yorkers subject to the Alternative Minimum Tax, city and state taxes are not even deductible on federal returns. In times of fiscal stress over the last four decades, city leaders repeatedly have resorted to raising income taxes - almost always with bad results. (New York Post -- Opinions)
McCain, Obama take different approach to taxes Oct 20, 2008
McCain calls for phasing out the alternative minimum tax, a type of tax that was originally targeted at wealthy people but now can affect taxpayers with more modest incomes. Also, he wants to double tax exemptions that families receive for dependents. (Daytona Beach News Journal)
For the US House Oct 19, 2008
Olver's Republican opponent favors drastic tax cuts, including a drop in the corporate rate and repeal of the alternative minimum tax. The Bush tax cuts have left the country with a weakened economy and a record-breaking deficit, so this approach is clearly no panacea. (Boston Globe)
Twice As Many Rich Escape U.S. Tax Oct 19, 2008
Back in 1976, amid a flurry of concern over millionaires who used shelters and loopholes to escape any tax, Congress raised the alternative minimum tax rate and ordered the IRS to report how many wealthy folks pay nothing each year ... But until 2005, this foreign tax credit could offset only 90% of the alternative minimum tax they owed. (Yahoo News -- Taxes and the IRS)
Candidates' tax-cut rhetoric swamps voters Oct 19, 2008
Both: Would prevent alternative minimum tax from affecting more taxpayers that it does now, but neither would eliminate the tax. Capital-gains taxes. (Seattle Times)
The GOP Senate Firewall: The Last Line of Defense Against Unfettered Liberalism Oct 18, 2008
Alternative Minimum Tax. The House passed legislation to temporarily shield 19 million taxpayers from being hit by the Alternative Minimum Tax, ironically a scheme dreamed up by liberals to make sure the so-called rich paid their fair share in taxes. (Townhall.com)
Klein, veteran opposites in House race Oct 18, 2008
West wants to keep the Bush tax cuts for everyone, and he also wants to eliminate estate taxes and the alternative minimum tax. "You're not going to stimulate the economy taking money out of the public's pocket," West says. (The Palm Beach Post)
Investor Report: Bailout to Aid Investors Oct 17, 2008
To help investors and other taxpayers take maximum advantage of all the credits, the law also increases the income tax limits for the Alternative Minimum Tax (or AMT), and allows unused energy tax credits to be carried over to the property owner's next tax year. And finally, just in case you want to drive to your energy-efficient real estate using a fuel other than gasoline, the law also provides up to a $7,500 tax credit for plug-in hybrid vehicles. (RealtyTimes)
TAX PLANS: Here's what Obama, McCain are talking about Oct 17, 2008
The alternative minimum tax. Everybody hates the alternative minimum tax, but nobody knows what to do about it. (USA Today -- Money)
Incumbent faces challenger for 13th District Oct 16, 2008
" The Alternative Minimum Tax, which she worked on and which the House passed last week, will protect 75,000 taxpayers in the 13th from seeing a "dramatic" rise in their taxes, Schwartz said Nationwide investment in alternative and renewable sources of energy would help the district by bringing biotechnology and green jobs to the district, she said. The House is not in session during October, a scheduling window that will allow Schwartz to run what she called "an active campaign" in the... (Springfield Sun, PA)
US stares at a $1 trillion deficit. How bad is that? Oct 16, 2008
Congress is expected to pile on new spending, such as an $80 billion reduction in taxes for individuals who would otherwise fall under the Alternative Minimum Tax (AMT) and $8 billion in hurricane Ike relief funds. So far, Congress has only appropriated $70 billion for the Iraq and Afghanistan effort, despite the fact that the wars have been costing about $150 billion per year. (Christian Science Monitor -- USA)
Rodriguez says no to bailout, but hopes it works Oct 16, 2008
"They put in a lot of different tax cuts benefiting one group or another. Some were good, actually, like the alternative minimum tax was put on there, impacting 25 million Americans.". After that, Rodriguez said, the tone of the calls to his office changed somewhat. (Fort Stockton Pioneer, TX)
Solar power projects begin to rise as tax credit sunset is delayed Oct 15, 2008
Both homeowners and businesses that pay the alternative minimum tax credit will also be able to claim the solar tax credits under the new legislation. We used to run up against residential and commercial customers who could not take advantage of this because of the alternative minimum tax situation, Marks said ... Extends one-year, 30 percent tax credit for commercial and residential solar power installations by eight years, through 2016 Eliminates $2,000 cap on tax credits for residential... (Sacramento Business Journal, CA)
Bush Switching Priority From Social Security to Taxes (Update1) Oct 15, 2008
So far, panel chairman Mack, a former Republican senator from Florida, has said only that it has a consensus to repeal the individual alternative minimum tax, a levy originally intended for the wealthiest Americans that is increasingly affecting middle- income families ... Repealing the alternative minimum tax, which is projected to affect 40 million Americans with incomes as low as $50,000 by 2010, would cost between $600 billion and $1. (Yahoo News -- Social Security)
Ask Matt Krantz: Stocks Oct 15, 2008
There may also be some addition considerations regarding the Alternative Minimum Tax. You should consult a tax professional or tax planning software for more information on how these tax changes may affect your personal situation. (USA Today -- Money)
McCain, Obama focus on economic issues Oct 14, 2008
But he would phase out the Alternative Minimum Tax, cut the corporate tax rate from 35 to 25 percent, and add corporate tax credits for equipment and research and development. Obama said he would provide a zero capital gains rate for small business. (KHOU.com, TX)
Sunny outlook for solar industry Oct 14, 2008
The legislation also removes a ban against utilities taking advantage of the tax credit, and it allows people who must pay the alternative minimum tax middle-and upper-class Americans to take the credit as well. Solar power accounts for less than one-tenth of 1 percent of the nation's energy supply, far less than the electricity generated by wind and geothermal sources. (San Diego Union-Tribune)
John McCain considering new economic proposals Oct 13, 2008
He has proposed lowering the corporate tax rate from 35% to 25%, and would target middle-class families by doubling the exemption for dependents from $3,500 to $7,000 while phasing out the Alternative Minimum Tax. Once an opponent of Bush's tax cuts, McCain now says he would make them permanent. (Los Angeles Times)
Candidates to replace Weller talk priority No. 1: The economy Oct 11, 2008
He backs legislation to lower income tax rates for individuals and businesses and would repeal the alternative minimum tax. And, he said, Congress should not repeal the Bush tax cuts, but it should eliminate estate taxes so farmers and small-business owners can pass their savings and assets to their heirs. (The Pantagraph newspaper)
Hope and hurt along Highway 11 Oct 11, 2008
Keep the top tax rate at 35 percent and maintain the 15 percent rates on dividends and capital gains; phase out the Alternative Minimum Tax. Cut the corporate tax rate from 35 percent to 25 percent. (News & Observer)
Candidate Q & A Oct 11, 2008
They would provide a one year patch from the Alternative Minimum Tax, which is scheduled to hit over 20 million taxpayers for the first time when they pay their 2008 income taxes. These cuts also extend several energy tax credits, including those for wind, solar power, clean coal, biofuels and more. (Columbia Daily Herald, TN)
Baucus supports bailout, Tester votes no’ Oct 10, 2008
It expands the child tax credit, spares millions of families from the alternative minimum tax and includes breaks for the production of renewable energy sources, like wind or solar. The heart of the plan remains unchanged: The federal government would borrow 700 billion to buy worthless securities from struggling firms, hold onto them until the markets improve, and sell them later. (Helena Independent Record, MT)
House gets ready for second try on financial rescue Oct 10, 2008
It would keep the alternative minimum tax from hitting 20 million middle-income Americans. And it would provide 8 billion in tax relief for those hit by natural disasters in the Midwest, Texas and Louisiana. (Gillette News-Record, WY)
Economic Stabilization act full text (New version) Oct 10, 2008
(b) Allowance of Energy Credit Against Alternative Minimum Tax ... (2) ALLOWANCE AGAINST ALTERNATIVE MINIMUM TAX- The amendments made by subsection (b) shall apply to credits determined under section 46 of the Internal Revenue Code of 1986 in taxable years beginning after the date of the enactment of this Act and to carrybacks of such credits ... (e) Credit Allowed Against Alternative Minimum Tax. (Gillette News-Record, WY)
> Bailout is confidence builder, tax overhaul Oct 10, 2008
The most notable of these is the alternative minimum tax patch, renewed every year but often at unpredictable intervals. It s nice to get it done in early October, Harper says. (New Mexico Business Weekly, NM)
Commentary: Bailout Package Signed into Law; Economic Stimulus Still Needed Oct 10, 2008
The grants the Treasury Secretary $700 billion to purchase troubled mortgage-related financial assets, but it also extends dozens of miscellaneous energy, individual, and business tax cuts and a one-year "patch" for the Alternative Minimum Tax. No one can predict of rescuing Wall Street from itself, among economists that the bailout will even cure what ails the financial system. (OMB Watch)
Mutual Funds &Personal Finance Oct 10, 2008
An alternative minimum tax (AMT) patch. Higher FDIC insurance caps. (Investors Business Daily)
Credit crisis is far from over, but rescue package has short-term relief for Main Street Oct 8, 2008
Taxpayers hounded by the alternative minimum tax will get immediate respite. The first $46,200 of an individual's income, and the first $69,950 of a married couple's earnings, will be exempt from the levy, compared with $33,750 and $45,000 without the new law. (Boston Globe)
Why Hulshof Opposed Bailout Oct 8, 2008
"The price tag on this bill is still excessive. In fact, the cost has increased $100 billion since the bill was considered by the U.S. Senate. I do support some of the provisions added to this bill, including the provisions on Mental Health Parity, the Alternative Minimum Tax Patch, tax incentives for development of biofuels and a series of incentives for energy use and development. Those provisions, however, should be considered in separate legislation . . . "It's true the Securities and... (Missourian Publishing, MO)
McCaul votes no on bailout Oct 8, 2008
Other additions include renewable energy tax incentives for individuals and businesses and relief from the Alternative Minimum Tax, without which millions of Americans would be forced to pay what is often referred to as the wealth tax. While McCaul supports raising the limit on the amount of deposits insured by the FDIC which he said would prevent runs on the nation s financial institutions, the congressman said real reform remains missing to ensure a similar crisis does not take place years... (Sealy News, TX)
Fact Sheet: Taking Urgently Needed Action to Stabilize Our Markets Oct 8, 2008
Congress also acted to protect 26 million taxpayers from an average of $2,200 in higher taxes as a result of the Alternative Minimum Tax. Congress can level the playing field for American businesses and workers and provide a needed boost to our struggling economy by approving our pending free trade agreements with Colombia, Panama and South Korea. (White House News Releases)
President Bush Discusses Emergency Economic Stabilization Act of 2008 Oct 8, 2008
One of the interesting things about the package I signed is that it does prevent the Alternative Minimum Tax from kicking in, which would have cost 26 million Americans $2,200 apiece ... The bill helped deal with Alternative Minimum Tax that would have kicked in, that would have affected a lot of you in this room. (White House News Releases)
Don't Be Fooled By Word Games: Taxes Are Headed Up Regardless Oct 8, 2008
And with the alternative minimum tax poised to hit tens of millions of Americans with the expiration of the latest "patch," the Treasury will collect even more tax revenue. All of this will happen automatically, without action by Congress or the president. (Investors Business Daily)
When Will We Sour On The Sweeteners? Oct 8, 2008
For instance, the alternative minimum tax (AMT) was never meant to hit the middle class, yet because Congress failed to index it to inflation each year, it hurts more and more middle-class families. I support its repeal. (Investors Business Daily)
Finance plan necessary but work not over Oct 7, 2008
Alternative Minimum Tax relief that will protect 25 million middle-class families from paying higher taxes. . (Orangeburg Times and Democrat, SC)
The Bailout: An Owner's Manual Oct 7, 2008
The version of the bill that passed Friday contains some expensive add-ons, including a provision that keeps the alternative minimum tax (AMT) from encroaching upon the middle class in 2008, clean-energy tax incentives, disaster relief and the extension of expiring tax cuts for businesses and individuals. It also expands government insurance on bank deposits from $100,000 to $250,000 through 2009. (Forbes)
As `Biggest Crisis' Spread, Congress Held Its Nose and Approved Bailout Oct 7, 2008
The tax breaks, popular among members, included provisions such as relief from the alternative minimum tax and corporate credit for spending on research and development. A House committee debated the bill on Thursday, and one by one, many of Monday's `no' voters began to publicly declare their intention to change their votes. (Bloomberg)
Upton pleased with relief for Main Street families as House passes package Oct 7, 2008
"Today, Congress put partisan politics aside and put the best interest of the nation's families first. Congress stood up for Michigan's working families struggling to make ends meet by including protections from the unfair Alternative Minimum Tax. We must always put Michigan's workers first as we seek to stabilize our economy."We learned a tough and expensive lesson on Monday when Congress failed to act on a rescue plan and taxpayers paid a 1. 2 trillion price. (Dowagiac News, MI)
GOP to file fundraising complaint against Obama... Oct 6, 2008
More bloopers from the vice presidential debate, including gaps in both candidates' foreign policy expertise. Politics Newsletter (M-F). (The Drudge Report)
Bush warns of 'painful' consequences if bailout rejected Oct 6, 2008
In a further attempt to build support in the Senate, leaders agreed Tuesday to attach to the bailout package a Senate-passed tax measure that would provide incentives for developing renewable energy, shield an estimated 20 million Americans from paying the alternative minimum tax and extend a number of expiring tax cuts for businesses and families. "I said from the beginning that the administration's original financial plan focused too much on Wall Street and not enough on Main Street," said... (Yahoo News -- U.S. Economy)
Bush's statement on Congress passing bailout bill Oct 6, 2008
It provides families with relief from the alternative minimum tax, which would otherwise increase taxes for 26 million taxpayers by an average of $2,200. I know some Americans have concerns about this legislation, especially about the government's role and the bill's cost. (Yahoo News -- Politics)
Few Supporters for Bailout on D.C. Streets Oct 6, 2008
Lawmakers added numerous provisions to the bill designed to attract skeptical House Republicans, including raising the FDIC insurance on individual bank accounts to $250,000, tax breaks that could save 20 million people an average $2,000 a year, an adjustment the alternative minimum tax, tax relief for disaster victims and initiatives to promote renewable energy. But while many lawmakers are confident the bill will be palatable, the public isn't so sure. (ABC 7 News, DC)
Rescue Legislation Contains Palliatives, No Cure Oct 6, 2008
Taxpayers hounded by the alternative minimum tax will gain an immediate respite. The first $46,200 of an individual's income, and the first $69,950 of a married couple's earnings, will be exempt from the levy, compared with $33,750 and $45,000 without the new law. (Bloomberg -- Columnists)
US senators add $100bn tax cuts to bailout bill Oct 6, 2008
The tax package would spare 24 million US households from a scheduled alternative minimum tax increase this year, renew credits for business research, and extend $17 billion in energy incentives. House adoption of the bill would end a 10-month stalemate in congress over the tax breaks. (Business Report, South Africa)
Resounding yes to bailout Oct 5, 2008
House leaders said the Senate's overwhelming, bipartisan approval of the measure on Wednesday - and the addition of more than $100 billion in sweeteners, including an array of tax breaks, a "fix" of the alternative minimum tax and a measure that put mental-health insurance benefits on par with standard health benefits - helped them attract the support of skeptical measures. But Frank said most members who moved from no to yes did so because they feared that rejecting the package would lead to... (Boston Globe)
Bush warns challenges remain Oct 5, 2008
Increased protection for saving deposits Increased child tax credits More aid for hurricane victims Tax breaks for renewable energy Higher starting limits to alternative minimum tax. But he said the US had to stop damage to its economy caused by "corrupt and incompetent practices on Wall Street and in Washington". (BBC News -- Americas)
Congress looked ugly on bailout bill, but system worked Oct 5, 2008
But, he added, changes unrelated to the overall plan helped make the bill easier to vote for, notably the help for constituents who take sales tax deductions on income tax, are subject to the alternative minimum tax and need disaster relief because of hurricane damage. Rep. (Anchorage Daily News)
President's Radio Address Oct 5, 2008
And that is why the rescue package includes relief from the Alternative Minimum Tax, which would otherwise increase taxes for 26 million taxpayers by an average of $2,200. And that is why it includes tax relief for businesses, which can use these savings to hire new employees and finance new investment. (White House News Releases)
Twice As Many Rich Escape U.S. Tax Oct 5, 2008
Back in 1976, amid a flurry of concern over millionaires who used shelters and loopholes to escape any tax, Congress raised the alternative minimum tax rate and ordered the IRS to report how many wealthy folks pay nothing each year ... But until 2005, this foreign tax credit could offset only 90% of the alternative minimum tax they owed. (Yahoo News -- Taxes and the IRS)
Coble Switches on Rescue Bill Oct 5, 2008
"The AMT (alternative minimum tax) patch that will favorably affect 21 million middle-class families, a good move. SEC (Securities Exchange Commission), I am told, is addressing or has addressed the mark-to-market issue, a good approach. Compelling arguments can be proffered on both sides of the issue, but I believe that inaction is not an option.". The Dow Jones Industrial Average was up 300 points before the House vote. (The Pilot Newspaper)
Reversal of fortune: House approves $700-billion bailout bill Oct 5, 2008
Sweeteners added an estimated $150 billion in costs, including a provision that shields 24 million taxpayers from the alternative minimum tax. The new law also has tax relief provisions for disaster victims; research and development tax credits; a hybrid car tax credit; and tax breaks for teachers who spend their own money on school supplies. (Los Angeles Times)
Bailout bill includes $100B in energy, other tax breaks Oct 5, 2008
The tax breaks passed by the Senate include $17 billion in energy incentives, renews business research credits and puts off an alternative minimum tax hike for 24 million households. The energy tax credits are seen as crucial to the continued growth of the alternative energy industry. (Baltimore Business Journal, MD)
Should Small Businesses Support The Bailout? Oct 5, 2008
And while Stottlemyer does mention the community bank tax break, the change in deposit insurance, as well as an Alternative Minimum Tax patch and a couple of other items, these are secondary items in terms of the bailout bill--it is not the community bank tax break that involves the addition of $700 billion to the national debt. But fundamentally, we are all in the same economy. (Slate)
House passes bailout bill Oct 5, 2008
The bill also would keep the alternative minimum tax from hitting an additional 24 million people. Friday's vote followed an intense week of lobbying by business groups, who contended Wall Street s financial meltdown was beginning to choke the flow of credit to Main Street business as well. (San Jose Business Journal, CA)
Bailout Bill Passes; Now For The Hard Part Oct 5, 2008
It includes tax breaks, disaster relief, clean energy tax incentives and a fix to prevent the alternative minimum tax from hitting more than 20 million additional people in 2008. The added price tag: $110 billion over the next decade. (Forbes -- Business)
Senate approves bailout Oct 4, 2008
It would keep the alternative minimum tax from hitting 20 million middle-income Americans and provide 8 billion in tax relief for those hit by natural disasters in the Midwest, Texas and Louisiana. It doesn t designate a way to pay for many of the tax cuts, though, angering the House s band of conservative Blue Dog Democrats. (Mattoon Journal-Gazette, IL)
Congress comes through Oct 4, 2008
The package contained some improvements, including raising the FDIC insurance cap from $100,000 to $250,000 and protecting about 20 million taxpayers from paying the alternative minimum tax. But besides the toy arrow tax break, the measure also contains such items as $148 million worth of tariff relief for importers of wool fabrics, a $478 million break for film and TV productions to keep that business in the U.S. and $2 million to allow employers a tax exemption on fringe benefits for workers... (Fresno Bee)
