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February 15, 2012 | By Walter Hamilton, Los Angeles Times
President Obama is combining his proposal to raise taxes on the wealthy with a new effort to lower the levy on middle-class Americans. In his fiscal 2013 budget proposal, the president called for abolishing the alternative minimum tax. It was designed years ago to prevent wealthy people from dodging taxes, but nowadays is blindsiding a growing number of middle-income people. The president wants to replace the AMT with the so-called Buffett rule, which would require people making more than $1 million a year to pay at least 30% in taxes.
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BUSINESS
November 21, 2012 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - A potential casualty of the "fiscal cliff" standoff is the ability of Congress to adjust an outdated tax code provision that could significantly boost what millions of middle-income households owe to the government. The provision, called the alternative minimum tax, or AMT, was enacted in 1969 to make sure that the very wealthy paid some income tax. But the threshold for the usually higher tax was not indexed for inflation, and it threatens each year to ensnare millions of people it was never intended to catch - prompting the annual congressional fix. Quiz: How much do you know about the 'fiscal cliff'?
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BUSINESS
November 21, 2012 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - A potential casualty of the "fiscal cliff" standoff is the ability of Congress to adjust an outdated tax code provision that could significantly boost what millions of middle-income households owe to the government. The provision, called the alternative minimum tax, or AMT, was enacted in 1969 to make sure that the very wealthy paid some income tax. But the threshold for the usually higher tax was not indexed for inflation, and it threatens each year to ensnare millions of people it was never intended to catch - prompting the annual congressional fix. Quiz: How much do you know about the 'fiscal cliff'?
BUSINESS
February 15, 2012 | By Walter Hamilton, Los Angeles Times
President Obama is combining his proposal to raise taxes on the wealthy with a new effort to lower the levy on middle-class Americans. In his fiscal 2013 budget proposal, the president called for abolishing the alternative minimum tax. It was designed years ago to prevent wealthy people from dodging taxes, but nowadays is blindsiding a growing number of middle-income people. The president wants to replace the AMT with the so-called Buffett rule, which would require people making more than $1 million a year to pay at least 30% in taxes.
BUSINESS
December 18, 2005
Although fixing the alternative minimum tax ("Alternative Tax May Hit More," Personal Finance, Dec. 11) may reduce tax revenues, it is important to return the AMT to its original intention. The AMT was set up to capture taxes from wealthy individuals who were avoiding taxes. The original error was not indexing the AMT deduction for inflation. Now it is affecting middle-income taxpayers. The correct answer to returning the AMT to its original intention is to index the AMT deduction for inflation starting in the 1970s, when it was first enacted.
BUSINESS
October 6, 2002
Re: "Alternative Tax Can Be a Big Blow to Many," [Personal Finance, Sept. 29]. Problems with the alternative minimum tax are no accident. Republicans and Democrats have been playing a game of chicken with the AMT for years. Presidents Reagan (1986), Bush (1990) and Clinton (1993) all raised the AMT tax rate and intentionally chose not to index the tax to inflation. George W. Bush then used the unindexed AMT as a shield to hide the intended cost and distribution of his 2001 tax cut. Republicans planned to repeal the AMT later as a "technical correction."
NATIONAL
December 10, 2007 | Noam N. Levey, Times Staff Writer
Congress is trying to amend the tax code to keep millions of Americans from having to pay the alternative minimum tax, which the Internal Revenue Service and the taxpayer advocate say is one of the most complicated provisions for taxpayers. What is the alternative minimum tax? The AMT is a tax on income calculated by an alternative method than that used to calculate the standard income tax. Unlike the standard income tax calculation, which allows multiple deductions, the AMT calculation is designed to limit deductions.
OPINION
September 25, 2002
John Balzar explains to us how President Bush's tax cuts are "a dirty deal for the middle class" (Commentary, Sept. 22). The repeal of the alternative minimum tax was taken off the table in Congress by the Democrats. The AMT was never favored by Republicans, and that includes Bush. To his credit, Balzar did not repeat the Democrats' mantra about the new rates representing just "tax cuts for the rich." In fact, the rich will pay a greater share of the federal income taxes after the cuts become effective.
BUSINESS
December 24, 2011 | Kathy M. Kristof, Personal Finance
Year-end financial planning is probably the last thing you want to think about while you're whipping up eggnog. But spend a few minutes now and you can save a bundle on your taxes. "No one wants to make the time at this time of year," says Philip J. Holthouse, partner at the Los Angeles tax law and accounting firm of Holthouse Carlin & Van Trigt. "But a little last-minute planning can reap rewards worth thousands of dollars. " Charitable contributions: Gifts to charity soar near the holidays.
BUSINESS
August 2, 2001 | P.J. Huffstutter
In an effort to protect employees from crippling tax debt tied to their stock option packages, Rep. Zoe Lofgren (D-San Jose) and three other congressional members today will introduce bipartisan legislation aimed to reform the alternative minimum tax law and offer retroactive relief.
BUSINESS
December 24, 2011 | Kathy M. Kristof, Personal Finance
Year-end financial planning is probably the last thing you want to think about while you're whipping up eggnog. But spend a few minutes now and you can save a bundle on your taxes. "No one wants to make the time at this time of year," says Philip J. Holthouse, partner at the Los Angeles tax law and accounting firm of Holthouse Carlin & Van Trigt. "But a little last-minute planning can reap rewards worth thousands of dollars. " Charitable contributions: Gifts to charity soar near the holidays.
NATIONAL
December 10, 2007 | Noam N. Levey, Times Staff Writer
Congress is trying to amend the tax code to keep millions of Americans from having to pay the alternative minimum tax, which the Internal Revenue Service and the taxpayer advocate say is one of the most complicated provisions for taxpayers. What is the alternative minimum tax? The AMT is a tax on income calculated by an alternative method than that used to calculate the standard income tax. Unlike the standard income tax calculation, which allows multiple deductions, the AMT calculation is designed to limit deductions.
OPINION
November 12, 2007
Re "AMT alternatives," editorial, Nov. 8 It seems fashionable to slam the alternative minimum tax as somehow fair when it is paid by the very rich, but unfair when it is paid by the middle class. Why? In all cases, the AMT assures that people who benefit too much from tax loopholes (such as receiving a lot of their income from tax-free bonds) do pay some income tax. Middle-income people should be less likely to do these things, but when they do, I believe that it is fair to assess the AMT.
OPINION
November 8, 2007
Another year, another tizzy in Washington over the alternative minimum tax, that odd wrinkle in the tax code that forces millions of middle-income taxpayers to compute their taxes twice and, in an ever-growing number of cases, face huge increases on their bills from the IRS. Congress failed to index the AMT to inflation in 1969, when it introduced the tax to prevent 155 ultra-rich families from avoiding paying taxes altogether.
NATIONAL
November 2, 2007 | Jonathan Peterson, Times Staff Writer
In a sign of changing priorities, the tax-writing panel of the U.S. House on Thursday voted to hike taxes paid by managers of many investment firms, as part of a broader tax-relief plan for millions of households who would owe extra money this year under the alternative minimum tax. The action by the House Ways and Means Committee ignited a struggle that will be played out in the coming days, as members battle over plans to prevent the AMT from hitting 23 million households this year.
OPINION
April 16, 2007
THIS TIME NEXT YEAR, "alternative minimum tax" will either be Google's most popular search term or a forgotten phrase from an obscure policy debate. The first option is more likely because, for it to be forgotten, Congress will not only have to hold that debate, it will have to resolve it. And that's never a wise bet. The AMT, as it's known, will affect about 4 million taxpayers this year. Next year it could affect 23 million. It's safe to say that they will not be pleased.
BUSINESS
May 25, 1993 | JOHN O'DELL, TIMES STAFF WRITER
Appoint Technologies Inc. said it has agreed to purchase AMT International Industries Inc. in Huntington Beach in a stock and debt-assumption deal. Terms of the purchase, which must be approved by shareholders of both companies, call for Appoint to issue 1 million new shares of its stock to AMT shareholders and to assume $1.3 million of privately held AMT debt. Both companies produce computer products.
BUSINESS
February 1, 1994 | ANNE MICHAUD, TIMES STAFF WRITER
Appoint Technologies Inc. said Monday that one of its two units had been placed into foreclosure and sold back to its founder. The company also said it has completed the purchase of Huntington Beach-based AMT International Industries Inc. The company's Appoint Inc. unit in Paso Robles was placed into foreclosure after sustaining continued operating losses. The unit was then sold to John B. Barrett, a founder of Appoint Inc. and a former vice chairman of Appoint Technologies, for $655,922.
BUSINESS
December 18, 2005
Although fixing the alternative minimum tax ("Alternative Tax May Hit More," Personal Finance, Dec. 11) may reduce tax revenues, it is important to return the AMT to its original intention. The AMT was set up to capture taxes from wealthy individuals who were avoiding taxes. The original error was not indexing the AMT deduction for inflation. Now it is affecting middle-income taxpayers. The correct answer to returning the AMT to its original intention is to index the AMT deduction for inflation starting in the 1970s, when it was first enacted.
BUSINESS
October 6, 2002
Re: "Alternative Tax Can Be a Big Blow to Many," [Personal Finance, Sept. 29]. Problems with the alternative minimum tax are no accident. Republicans and Democrats have been playing a game of chicken with the AMT for years. Presidents Reagan (1986), Bush (1990) and Clinton (1993) all raised the AMT tax rate and intentionally chose not to index the tax to inflation. George W. Bush then used the unindexed AMT as a shield to hide the intended cost and distribution of his 2001 tax cut. Republicans planned to repeal the AMT later as a "technical correction."
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