One Out Of Every Six U.S. Taxpayers Will Be Hit By A Tax Increase
Did you know that there are two different sets of federal income tax rules in the United States? It’s true. Each year, most U.S. taxpayers either pay income tax under the system that most of us are familiar with or they pay the “Alternative Minimum Tax” – whichever amount ends up being greater. For years, the U.S. Congress has passed one year “fixes” that have exempted millions of middle class American families from the Alternative Minimum Tax. This has essentially been a huge tax cut each year for those millions of American families. But this year, the Democrat-controlled Congress has not passed a “patch” for the Alternative Minimum Tax. So now one out of every six U.S. taxpayers is going to be hit by the Alternative Minimum Tax. The taxpayers most likely to be affected are married couples, very large families, home owners and taxpayers in states that have high state and local taxes. The average tax increase that these taxpayers will be facing is going to be approximately $3,900 and most of them have no idea that it is coming. At a time when an increasing number of families is barely getting by, a tax increase of this magnitude is simply going to crush the American Dream for literally millions of families. Talk about a cruel surprise for tens of millions of Americans this upcoming tax season!
Would you be able to sit down and write a check for an extra four thousand dollars this upcoming April?
So where in the world did this insane alternate tax system come from anyway?