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AMT Exemption Extension Plea:


Rep. Joe Wilson (R.-S.C.) made a plea to his House colleagues that Congress pass the Middle-Class Alternative Minimum Tax Relief Act which will help 11 million taxpayers from being hit with an average tax increase of $1,520. The congressman noted that “without the AMT Tax Relief Act, millions of middle-income families will face a tax increase next year by being forced into paying the Alternative Minimum Tax” and that “married couples will see their AMT exemption drop from $58,000 to $45,000 [and] single individuals will see their AMT exemption drop from $40,250 to $33,750.”