Quote:
Originally Posted by Cali Coug
I think it was at about $42,000.
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Pretty close, actually.
In 2006, the exemption was increased from $58,000 and $40,250 (Married, single) to $62,550 and $42,500, respectively. However, that increase applied specifically to 2006.
Before the patch was passed, the AMT exemption for 2007 would have been reduced to $45,000 and $33,750! Yikes. A tax that was intended to keep the rich in check would have wound up costing Joe Punchclock about $3,000 in taxes.
I am almost to the point that I will vote for the person who I think will actually address and fix the AMT. Both parties are to blame because neither Clinton nor W have done anything to fix it, other than t continue to sign patches passed by Congress. The AMT is an antiquated machine that needs serious revamping.