Income Taxes: 30 Million May Be Hit by AMT This Year

Get ready to start paying higher taxes—$3,900 to $8,000 more a year on average. Unless Congress acts, some 30 million Americans will have to pay the dreaded Alternative Minimum Tax (AMT), whose rates, depending on your income, are either 26 percent or 28 percent. According to the Congressional Budget Office, "Nearly every married taxpayer with income between $100,000 and $500,000 will owe some alternative tax." Like many awful things, the AMT is the result of good intentions. It was created...Full Story