Today’s Taxpayer News!
After a meeting Tuesday with labor groups and others set on raising taxes, the President has come out asking for $1.6 trillion in tax increases, double the amount discussed last summer.
Unless Congress acts to extend the “patch” that protects taxpayers from having to pay the Alternative Minimum Tax by indexing income thresholds to inflation, approximately 33 million Americans will be subject to the AMT for 2012. This is significantly up from just 4 million last year.
NTU recently joined forces with 88 other organizations dedicated to protecting taxpayers, and opposed extension of the Wind Production Credit, a $5 billion special tax break for an industry which barely generates 2% of the nation’s energy.