Congress Fails to Repeal AMT

November 2, 2007

Congress Fails to Repeal AMT

The Alternative Minimum Tax (AMT) which shocks many middle income taxpayers with big tax bills, has not yet been repealed by Congress. Because the AMT was enacted in 1969 and has not been indexed for inflation, more taxpayers have to pay increased taxes each year.

Some items that affect the AMT include:
Capital Gains
Children Under 18 subject to the “Kiddie Tax”
Gains on S Corporations conversions
Tax-Free Income.

If you have any questions about this, call now while some planning can be done!

Ronald J. Cappuccio, J.D., LL.M.(Tax)
856 665-2121