huge taxes increases for most averted

[mwcpa]

Late last night Congress passed a bill that averted one of the largest tax hikes in US history. A family of 4 making 50K would have had a 3000 tax increase had Congress done nothing.

In addition, 30+ million who would have "owed" the AMT (reducing tax refunds or creating balances due with their 2012 tax filings) has been averted. Permanently!

While we may disagree on our how current tax system works (that's a long and often heated debate), I personally feel, at this time with our fragile economy that any a tax increase on most people at this time would only drive us back into recession (or worse).

[Rocky Mtn Saver]

I was glad to hear that they addressed the AMT problem with a more permanent fix.

[BeenThere...DoneThat...]

...imo, the headline should read, "huge tax increases for most averted for today"...

...and a permanent fix for AMT?

[bean29]

I just got a call from my CPA. The tax changes are done. The Bush tax cuts have been made permanent and the AMT is tied to CPI so they don't have to revisit it every year.

What they will revisit in two months is the spending cuts.

[mwcpa]

"The Bush tax cuts have been made permanent "

or until Congress changes their mind; and
you make under 300K (rates are "permanent" for those under 400K/450K, but exemptions and deductions are limited once you pass 300K, making the effective rate higher)