President Obama’s fiscal year 2015 budget proposes to increase taxes on individuals by over $820 billion and on businesses by about $500 billion, for a total of over $1.3 trillion in new taxes over the next ten years....
- The Tax Policy Blog
- House Passes AMT Patch with No Offsets
House Passes AMT Patch with No Offsets
The House of Representatives has passed a patch for 2007 tax law to prevent about 20 million new tax returns from being hit with the Alternative Minimum Tax. The bill now awaits President Bush's signature. The bill passed 352-64. (All those opposing were Democrats.) Here is the roll call vote record.
Following Bush's signature, the AMT exemption amounts for 2007 are as follows:
Married Filing Jointly: $66,250
Married Filing Separately: $33,125
Based on current law (prior to president's signature), the AMT exemption amounts are as follows (1993 tax law same as 2007 current law):
Married Filing Jointly: $45,000
Married Filing Separately: $22,500
In 2006 (last year), the AMT exemption amounts were as follows:
Married Filing Jointly: $62,550
Married Filing Separately: $31,275
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