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Alternative Minimum Tax

NEWS
August 1, 2012 | By Kathleen Hennessey
AKRON, Ohio - Campaigning in contested territory, President Obama on Wednesday used Mitt Romney's tax proposals to frame the election as a choice between policies that would benefit the wealthy and those that would help the middle class. In two stops in the north-central part of the state, Obama slammed his unofficial GOP opponent for trying to revive failed trickle-down tax plans. Obama noted that Romney himself would benefit from his plans to cut tax rates for the nation's top earners and pointed to a new study that bolstered his claims.
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NATIONAL
December 27, 2012 | By David Horsey
The "fiscal cliff" looms ahead and it is a solid bet that no one will come up with a deal in time to stop the country from careening off the edge. Nearly everyone claims they want to avoid the automatic tax increases and massive budget cuts that will start kicking in on Jan. 1, but few are ready to make the compromises necessary to make that happen. As expected, anti-tax purists in the House Republican Caucus have gotten in the way of Speaker John A. Boehner's attempts to come up with a fix for the fiscal cliff.
BUSINESS
March 25, 2007 | Kathy M. Kristof, Times Staff Writer
Pity the taxpayer who tries to go it alone this year. What with stealthy deductions, rule changes and the usual stultifying complexity, taxpayer error rates are climbing. And if you make a mistake, it's likely to be in the government's favor, not yours. There are plenty of pitfalls. Three specialized breaks aren't printed on the 1040 form, making them easy to overlook.
BUSINESS
August 9, 2013 | By Kenneth R. Harney
WASHINGTON - Since Congress has taken off on its annual summer recess, you might assume that nothing is happening on Capitol Hill that could affect the taxes you pay on your home. Quite the reverse. Staff members of the House and Senate tax-writing committees are busy putting together legislative drafts that may determine the fate of real estate's most prized tax benefits - first and second home-mortgage interest deductions, property tax write-offs, capital gains exclusions and others.
NEWS
December 6, 1987 | KEITH LOVE, Times Staff Writer
There are new rules for paying 1987 taxes because of the massive overhaul of the federal tax code authorized by Congress last year. But even though Dec. 31 is near, it is not too late for some last-minute maneuvering to make sure you play the changes--and the perennial vagaries of taxpaying--the right way. For many people, the proper strategy is simple and not unlike what they've done in the past.
NEWS
July 24, 2012 | By Jon Healey
The Obama administration released a report Tuesday accusing Republicans of proposing to raise taxes on 25 million low- and middle-income families in order to cut taxes for the 2% with the very highest incomes. Whether that's true depends on how you define a tax increase: Does it just mean paying more to the Internal Revenue Service, or does it also include receiving a smaller subsidy check? The GOP proposal in question, HR 8 , would renew the Bush tax cuts through 2013, as well as continuing to shield many middle-class families from having to pay the Alternative Minimum Tax for one additional year.
NATIONAL
February 12, 2009 | Noam N. Levey
First-time home-buyers would get a larger tax break. Laid-off workers would receive higher unemployment benefits and new subsidies for heath insurance. And all but the wealthiest workers would soon get a tax credit worth as much as $800 per couple. Bigger government checks -- long favored by lawmakers in an ailing economy -- could soon begin landing in mailboxes across the country, and new tax breaks would be available to many families, if the economic stimulus package clears Congress this week.
NEWS
October 17, 2012 | By Jon Healey
GOP presidential candidate Mitt Romney could not have been surprised when his tax plan came under attack by President Obama at Tuesday night's debate. After all, both Obama and Vice President Biden had focused on the plan before, contending that there was no way it could work as Romney claimed. So why, then, did Romney stick to the same vague response? Not only that -- he punted on a telling follow-up question about how he'd respond if he could get some but not all elements of his plan through Congress.
OPINION
July 28, 2010
The outsized tax cuts enacted in President George W. Bush's first term are scheduled to expire at the end of the year, giving Congress the opportunity, in theory at least, to simplify the grotesquely complex tax code, eliminate the problematic Alternative Minimum Tax, broaden the tax base and lower rates without exacerbating the deficit. But that would be the politically hard thing to do. Instead, Republicans and Democrats are delaying action on taxes while they jockey for rhetorical advantage, each side accusing the other of seeking to ruin the economy or further enrich the rich.
NEWS
October 4, 2012 | By Jon Healey
Weary of contradicting President Obama's repeated attacks on his tax plan, GOP presidential candidate Mitt Romney offered a homespun version of a truism often ascribed to Soviet strongman Vladimir Lenin . "Look, I've got five boys," Romney said. "I'm used to people saying something that's not always true but just keep on repeating it and ultimately hoping I'll believe it. But that is not the case, all right?  I will not reduce the taxes paid by high-income Americans. " Yet both candidates played the repeat-it-often-enough-maybe-people-will-believe-it game on a big issue: for Obama, it was Romney's tax plan, and for Romney, it was how the 2010 healthcare law will affect Medicare and doctor-patient relationships.
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