I took some time and read this article this morning. They are right on course with what is about to happen. Right now we are seeing how paragraph 5 and the Alternative Minimum Tax will impact a large percentage of taxpayers for 2012 if they do not “patch”the alt min tax rules. Ordinary working folks with the right income and deductions can expect $1,500 additional tax. Here is a little breakdown on the expiring provisions: for the year 2011 there are 60 provisions that expired plus 6 additional disaster relief provisions, for 2012 there are 41 provisions plus 2 disaster relief provisions, 8 in 2013 and 6 in 2014. Only one provision in 2012 was extended until the end of 2012 from February 2012 – that
is the reduced SS tax on employees wages will continue to the end of 2012. There is a little sleight of hand with the tax table that expires this year. The range of rates will shrink so your tax bracket could increase due to the narrowing of each bracket (sleight of hand because no one says anything about
it). At any rate Obummer has lied again!!!