GameTavern - 2010 US Tax Outlook

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2010 US Tax Outlook

I thought this was a pretty good (if simple) article, and somewhat troublesome for my family.

http://www.comcast.net/slideshow/fin...outlook/intro/

The troubling part?

Quote:

For 2009, the AMT exemption was $46,700 for individual taxpayers; $70,950 for married taxpayers filing jointly or for qualifying widow(er)s; and $35,475 if married filing separately. But for 2010, these exemption amounts will drop back to $33,750 for single taxpayers; $45,000 for married taxpayers filing jointly or for qualifying widower(s); and $22,500 if married filing separately in 2010. The scaled back exemption rate is expected to affect a whopping one in five taxpayers.

Re: 2010 US Tax Outlook

Followed your link and got a 404 Error message. Who is WalletPop?

Re: 2010 US Tax Outlook

Oh, you might have to have an account with Comcast. The item I quoted was the most interesting/worrisome part. The rest centered around the estate tax 1 year repeal and a few other tax-cut expirations.

Re: 2010 US Tax Outlook

I should have been clearer. I got to the Comcast page, but the actual article itself links to some place called WalletPop. When I clicked the "full story" link I got a 404 error. However, I just checked and it appears to be working again, so maybe it was a server glitch.

Anyway, just to add a little history, the current AMT adjustments were instituted as part of the Bush Tax Cuts in 2001. Those tax cuts were implemented by budget reconciliation in the Senate, and the rule in the Senate is that anything passed by reconciliation must expire in 10 years. That's why the estate tax system is returning in 2011, and the AMT is returning back to its 2001 levels next year as well. I'm not going to defend it. It's bad (you could argue that the entire AMT system is bad in general, and I'm not sure I would disagree with you).

The good news is something like this is easily fixed. Keep an eye on Obama's budget proposal to Congress to see if he makes an adjustment to the AMT. I'll be shocked if it's not included. Adjusting the AMT is one of those things Democrats and Republicans easily agree on.

Re: 2010 US Tax Outlook

I certainly hope so, because this "re-adjustment" re-adjusts right in my ass.