I know that you’re busy coming up with things that will never become law and generally chasing your tail, but could you do something about the AMT? At this point, I literally have no idea what I am going to owe for the year and it’s October 2nd. It’s literally keeping me from taking advantage of one of the millions of incentives that you have written into the Tax Code in the past five years because I couldn’t tell you if I’d be able to use the incentive come mid-February (when I generally file my returns).
Oh, and I do this for a living.
Site Map Why am I not able to estimate what I am going to owe despite being ten months into the year? Is it because I have a large business with variations in income? No. Is it because I plan on changing jobs? No. Is it…? No. It’s because I have no idea what you are going to do with the AMT and it’s time for you to do something. Not pie-in-the-sky something, something real that will let me know that if I buy a hybrid I’ll be able to take the credit (they’re disallowed under the AMT). Something that will tell me if I will get a refund or be subject to the AMT and owe money. Something that gives those of us that can plan time to do so.
This is getting ridiculous with patches and retroactive adjustments that don’t get on to forms because you can’t give the IRS enough time to print after passing tax changes. Once in a while is fine, but it’s every f’ing year at this point. I don’t have much faith in you (not like anyone does) but making it so taxpayers have no idea what they are going to owe until they actually file their returns is unconscionable. If I was self-employed I would be going nuts because there is no way that anyone can reasonably estimate anything besides paying the maximum possible.
Maybe that’s what you want? That way receipts look better than normal because people are paying much more than they should because you can’t get your crap together. I hate to even think that, but it’s not like you are above playing budgetary games.
So, please do something about the AMT for this year. If not for me, then for the 23 million other people that are waiting to see what you are going to do. It’s only fair.
Sincerely, Kirk Walsh.
Previous Post: Rangel’s Tax “Reform” Proposal »
Next Post: beep….beep….beep »