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When the clock hit midnight on Jan. 1, some 70 new taxes on the middle class and small businesses went into effect, thanks to Congress's failure to prevent the expiration of popular and economically vital tax breaks on time. So some 25 million middle class Americans are now slated to get hit with the alternative minimum tax (AMT) this year. Remember: This is the tax that was originally supposed to only hit the richest 100 Americans.
This year, the alternative minimum tax will gather $63 billion from American families with an income of as little as $75,000, according to the Senate Finance Committee. The AMT may now hit tax filers who are school teachers, construction workers and bus drivers. Call them the new rich.
The middle class will get soaked other ways, too. The new homebuyer tax credit goes away. That will hit working families with a $10.8 billion tab. The tax deduction for state and local taxes also disappears, so shoppers of all incomes will cough up $1.85 billion more.
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The Democratic-controlled congress was way way too busy to address these middle-class tax breaks - you know - so they can create all the soon-to-be healthcare taxes.
__________________ “If you have been voting for politicians who promise to give you goodies at someone else's expense, then you have no right to complain when they take your money and give it to someone else, including themselves.” ~ Thomas Sowell
The tax deduction for state and local taxes also disappears, so shoppers of all incomes will cough up $1.85 billion more.
I don't doubt the Wall Street Journal but I question the veracity of this. There would have been an outcry in high state income tax states like NY and NJ if this were true.
In fact when I went to the IRS website to look for changes for 2010, it lists state and local income taxes as being deductible. http://www.irs.gov/publications/p17/ch22.html.
It does say that a taxpayer must choose between deducting state income taxes or state sales taxes paid which is very different than what it said in the article and was quoted above..