Previously on WMD, we got around to addressing the AMT patch issue. Now, word comes from Secy. Paulson, that time is just about up for Democrats to do the right thing and put up a clean AMT bill:“By this time each year, income tax forms and instructions have been revised to reflect current law. Consistent with historical practice, they do not reflect pending legislation. There are 12 forms (the AMT forms and 11 credit forms) that will be affected if and when Congress enacts the AMT patch. These forms are attachments to either the Form 1040 or Form 1040A. The IRS will release the Form 1040 and 1040A tax packages to the printing vendors by November 7, 2007. All additional forms and instructions must be finalized by November 16, 2007, to ensure that the 2008 filing season proceeds with minimal disruption.”Democrats love All Manner of Taxes (AMT) (*), so I'm not sure we can count on them doing the right thing. Look for your tax bill to keep going up...
* = Thanks Tom!
