What’s in the fiscal cliff?


What’s in the fiscal cliff?

AMT patch

Expired already for 2012. Income exempt from the Alternative Minimum Tax in 2012 — for which taxpayers will file returns next year — falls to $33,750 for individuals and $45,000 for married couples. That’s down from $50,600 and $78,750, respectively, if the exemption amounts had been adjusted for inflation.

As a result more than 30 million people will be hit by the so-called “wealth” tax, up from 4 million to date.

Well now I never considered myself wealthy by any means. Hell paycheck to paycheck most weeks..And now?

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