Did anyone get the local paper yesterday

and read something about the AMT tax? I wish i had the article with me so i could post it.. but they are basically saying that we "could" be getting hit with another big tax

Re: Did anyone get the local paper yesterday

I think the story was based on this press release from the LIA. I hope that Schumer gets on board with this. He seems more reactive to our issues than Hillary.

LIA to Congress: Change the Alternative Minimum Tax

FOR IMMEDIATE RELEASE
Commack, Long Island, NY
February 19, 2004
CONTACT: Gary W. Wojtas 631-493-3020
Kristen D'Andrea 631-493-3021

Commack, Long Island, NY —The Long Island Association Board of Directors has unanimously approved a position paper that calls for substantial changes in the federal alternative minimum tax (AMT). The AMT substantially increases the amount of federal tax paid by Long Island taxpayers beyond that which they would have paid if the regular tax tables were used. “Long Island taxpayers are forced to pay the federal alternative minimum tax at a higher percentage than residents of any other region of the country,” said John Klein, chair of the LIA Tax Policy Committee and partner in Meyer, Suozzi, English & Klein. “As a result of our higher income levels and far above average state and local taxes, a significant number of Long Island taxpayers are forced into a situation where their legitimate deductions are eliminated because of the impact of the AMT computation,” Klein added. Surely congress never envisioned that the AMT, which was designed to ensure that everyone, regardless of income, paid some level of tax, would entrap ordinary taxpayers because of our high cost of living, said Michael Borsuk, former managing partner of Price Waterhouse Coopers on Long Island and the author of the position paper. It is counterproductive for the federal government to foist an additional tax burden on individuals and families already faced with paying some of the highest state and local taxes in the nation. The LIA position recommends a number of changes in the amt computation ranging from outright repeal to allowing certain deductions to be allowed under the amt computations. The LIA has sent the position paper to United States Senators Hillary Rodham Clinton and Chuck Schumer and our congressional delegation for their consideration as congress continues to pursue additional tax bills. “This is a fairness issue for all Long Island taxpayers,” said Matthew T. Crosson, President of the LIA. “We look forward to continuing to work with our congressional delegation to ensure that our Long Island taxpayers are treated fairly and with respect by our federal government.”

Re: Did anyone get the local paper yesterday

i think thats it... or a very similar article anyway

Re: Did anyone get the local paper yesterday

I read about this in Suffolk Life but it was also in Newsday a month or so ago. AMT tax is scary!!!! It wasn't put in place to tax the middle class but since it hasn't been indexed for inflation, it now causes a greater tax burden for the middle class. This isn't unusual though - this is how congress raises taxes without really raising taxes.

ETA: The article states that LIer's high income levels along with state and local tax force us in to AMT but it has little to do with our income levels and much more to do with our property tax and state tax which are both very high and get deducted from tax returns.

Message edited 3/2/2006 9:55:29 AM.