Sunday, October 29, 2006
Interesting editorial in the Sunday New York Times: Future Tax Shock:
One of President Bush’s be-very-afraid lines this campaign season is that Democrats, if elected, will raise taxes. What he doesn’t say is that if you are one of tens of millions of Americans who make between $75,000 and $500,000 a year, your taxes are already scheduled to rise starting next year — because of laws that Mr. Bush championed and other actions he failed to take. The higher taxes stem from the alternative minimum tax, a levy that is supposed to snare multimillionaires who would otherwise get away with using excessive tax shelters to wipe out their tax bills. But these days, the alternative tax is snaring many upper-middle-income filers.