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Alternative Minimum Tax
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Seven Facts to Help You Understand the Alternative Minimum Tax (Cy-Fair Sun)
1. Tax laws provide tax benefits for certain kinds of income and allow special deductions and credits for certain expenses. These benefits can drastically reduce some taxpayers’ tax obligations. The Alternative Minimum Tax attempts to ensure that anyone who benefits from these tax advantages pays at least a minimum amount of tax. Economy, not tax revisions, to hurt nonprofits (Pittsburgh Post-Gazette)
It looks at first blush like another knock on budget-strapped charities and nonprofits: President Barack Obama's budget plan would cut the tax deduction rate for high-income Americans, reducing Obama Seeks $1 Trillion Tax Increase in Budget Plan (Correct) (Bloomberg via Yahoo! News)
(Corrects to say payroll tax credit would be $800, in 12th paragraph.) Under Obama plan, tax burden shifts to the wealthy (AP via Yahoo! News)
President Barack Obama's budget proposal would shift much of the tax burden from middle- and low-income families to the wealthy, while increasing taxes on many businesses. Seven Facts to Help You Understand the Alternative Minimum Tax (The Somerset Reporter)
Seven tips from the IRS 1. Tax laws provide tax benefits for certain kinds of income and allow special deductions and credits for certain expenses. These benefits can drastically reduce some taxpayers' tax obligations. The Alternative Minimum Tax attempts to... Obama Seeks $1 Trillion Tax Increase in Budget Plan (Correct) (Bloomberg)
(Corrects to say payroll tax credit would be $800, in 12th paragraph.) Feb. 26 (Bloomberg) -- President Barack Obama proposed almost $1 trillion in higher taxes on the 2.6 million highest- earning Americans, Wall Street financiers, U.S.-based multinational corporations, and oil companies to pay for permanent tax breaks for lower earners. Obama Seeks $1 Trillion Tax Increase in Budget Plan (Bloomberg via Yahoo! News)
Feb. 26 (Bloomberg) -- President Barack Obama proposed almost $1 trillion in higher taxes on the 2.6 million highest- earning Americans, Wall Street financiers, U.S.-based multinational corporations, and oil companies to pay for permanent tax breaks for lower earners. TAX-NEWS.COM (Tax-News.com)
Revenues (or the lack of them) from the alternative minimum tax would no longer be included in the US government's fiscal projections if key budgetary reforms under consideration by President Barack Obama are accepted by Congress. Under Obama plan, tax burden shifts to the wealthy (Contra Costa Times)
Most tax increases to be delayed until 2011. Cracking the Code as Tax Changes Loom (New York Times)
For the top 5 percent (and the rest of us): Tax strategies offered from three leading industry professionals.
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