Tuesday, October 5, 2010
(CNSNews.com) - Almost 23 million American households have already had their federal taxes raised by an average of $3,900 this year–but may not know it yet.
They could get a big surprise when they prepare their tax returns next year.
Among those subject to this already-in-place tax increase are some families making less than $50,000 per year, and virtually all married couples earning between $100,000 per year and $500,000 per year, according to data published by the Congressional Budget Office.
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This is despite the fact that President Barack Obama has promised not to increase taxes on any individual earning less than $200,00 per year or on any household earning less than $250,000.
This tax increase on almost 23 million people is already in place because a temporary reprieve for many middle-class taxpayers from the Alternative Minimum Tax that Congress passed last year expired on Dec. 31, 2009 and has not been in effect for 2010.
According to the CBO, an estimated 4.5 million American households were subjected to the AMT in 2009, and 27.2 million are now liable to pay the AMT for this year unless Congress acts to lift the tax before Dec. 31. That means that under current law at least 22.7 million American households that did not have to pay the AMT last year will have to pay it on the income they have been earning since Jan. 1 of this year.
This article was posted: Tuesday, October 5, 2010 at 11:32 am