Alternative Minimum Tax (AMT)
Offshore Tax Havens May Be Addressed at G8 Summit
Jun 7, 2013 by Jessica Schieder
The issue of offshore tax havens appears likely to play a central role at the annual multinational G8 summit, set to begin June 17. On this side of the Atlantic, Apple’s recent high profile testimony before Congress brought media attention to the issue. The hearing called attention to strategies of “tax avoidance” that saved Apple more than $8 billion in taxes in 2009, 2010, and 2011.
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Paul Ryan's Revenue Reforms Slash Taxes on the Rich
Mar 21, 2012 by Sam Rosen-Amy
Yesterday, Rep. Paul Ryan (R-WI) released his latest budget proposal, called "The Path to Prosperity," which serves as an update to his plan from last year. The proposal, which is the draft of the fiscal year (FY) 2013 House budget resolution, is supposed to be a fiscal framework for the House for the coming year. However, the congressman's tax plan is not a serious proposal for change.
read in fullThis is What Happens When You Extend Unpaid-For Tax Cuts
Jan 27, 2011 by Gary Therkildsen*
Yesterday, the Congressional Budget Office (CBO) – Congress' nonpartisan fiscal scorekeeper – released their revised budget and economic outlook for fiscal year (FY) 2011 through FY 2021. The most newsworthy element of the new estimates is this year's revised deficit projection. As most media outlets noted, Uncle Sam's predicted budgetary shortfall for 2011 went from just over $1 trillion to $1.5 trillion. Extension of the unpaid-for Bush tax cuts comprises almost the entire additional shortfall.
read in fullSenate Clears $1.9 Trillion Debt Ceiling Increase
Feb 1, 2010 by Gary Therkildsen*
Last Thursday, the Senate voted, 60-39, along partisan lines to pass legislation raising the nation's borrowing capacity to $14.3 trillion. During debate of the bill, senators rejected an amendment to establish a commission to make recommendations to reduce the deficit, but agreed to an amendment reinstituting statutory pay-as-you-go (PAYGO) rules with some exemptions.
read in fullForgotten Tax Policy: The AMT
Nov 13, 2009 by Adam Hughes*
As we near the end of the calendar year, a familiar drone has been absent this year in discussions about tax policy - the dreaded Alternative Minimum Tax (AMT). Despite early action this year that has put the issue off until 2010, the problems with the AMT that make it such a pain still exist.
House Passes Statutory PAYGO Bill
Jul 29, 2009
The House passed legislation (H.R. 2920) on July 22 that would reinstate statutory "pay-as-you-go" (PAYGO) budgeting rules, which were allowed to expire in 2002.
read in fullHouse Hearing Questions Whether PAYGO is Enough to Control Spending
Jun 30, 2009
The House Budget Committee held a hearing on June 24 on the Statutory Pay-As-You-Go (PAYGO) Act of 2009, which was recently introduced by Rep. Steny Hoyer (D-MD). During the hearing, House members focused on the enforcement mechanisms in PAYGO, the significant exemptions granted under the proposed legislation, and whether the bill is the appropriate method to reinstate fiscal discipline in Congress.
read in fullAMT in Stimulus Forces Better Tax Provisions Out
Feb 12, 2009 by Craig Jennings
At Tax Vox, Howard Gleckman casts righteous aspersion on Congress's decision to include of an AMT patch in the stimulus bill.
read in fullWith Bush Tax Cuts In Effect, Cost of Patching AMT Nearly Doubles
Sep 10, 2008 by Craig Jennings
In perusing CBO's latest budget forecast, I am once again taken by the magnitude of the 2001-2003 tax cuts (AKA the Bush tax cuts).
read in fullIRS To Offer "AMT Assistant"
Jan 5, 2006 by Guest Blogger
The IRS has unveiled a new online tool to help taxpayers determine whether or not they are subject to the alternative minimum tax (AMT). The "AMT Assistant," which is one of a series of steps by the IRS to reduce taxpayer burden, will allow taxpayers to enter their information and get an answer in 5 to 10 minutes. It will be available during the 2006 filing season at www.irs.gov.
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