Will the AMT be enforced on 2010 tax returns?
The Alternative Minimum Tax (AMT) is being hotly debated right now by Democrats and Republicans. Whether the AMT a/k/a the "wealth" tax will be enforced on 2010 tax returns is still up in the air.
If the AMT is not enforced, it will leave a huge hole in the federal government's budget and the lost revenue will need to be "patched" up or found through alternative methods. Although the tax has been categorized as only being paid by the wealthy, tax rates have never been adjusted for inflation and nonwealthy citizens have been affected. The good news is both parties believe they can reach a decision by the end of the year.
To learn more about this article, please visit Bipartisan vow: We'll fix AMT.
For more information on tax laws and estate planning, contact our Jacksonville Florida law firm.
