Interesting articles in Sunday’s Chicago Tribune:
Is This Tax Trap Waiting for You? Levy Snaring More of Middle Class Poses Potent Political Time Bomb:
The AMT is coming after you. Congress passed the AMT, or alternative minimum tax, in 1969 to crack down on 155 super-rich people who had escaped paying taxes. But in the next few years, it will ensnare millions in the middle class and perhaps roil the nation’s politics.
For 2008 only, taxpayers in the two lowest tax brackets, which are 10% and 15%, would not be taxed at all on long-term [capital] gains.
(Thanks to Sam Donaldson (Washington) for the tip.)
