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Seriously, again?
Anyone who follows the adventures of the alternative minimum tax has to be getting sick of the many sequels. Again and again, this unpopular income tax threatens to hit middle-class families with large and unexpected tax increases.
And each time the threat reappears, Congress applies a "patch" to fix the problem temporarily. That makes the threat an annual event — along with the associated congressional hand-wringing and taxpayer confusion.
So here we are again, with the AMT looming over about 27 million more taxpayers this year. It's just one part of the so-called fiscal cliff — a big cluster of automatic spending cuts and tax hikes that will take effect at year's end unless Congress acts.
November 13, 2012