Monday, November 05, 2012

Middle class faces quick impact from fiscal cliff in form of alternative minimum tax

The Washington Post reports:
The best hope for a deal to avoid the “fiscal cliff” may lie with the alternative minimum tax, an obscure provision of the tax code that is about to become alarmingly relevant to millions of middle-class taxpayers.
There's more:
Forget about the much-publicized tax hikes set to take effect for 2013 — if you have a couple of children and annual income over $75,000, chances are good that your taxes are on track to go up substantially for 2012.
When is Harvard going to start paying their "fair share"?