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Tax bill set to rise for 30 million households unless Congress acts

Bernie Becker
The Hill [1]
Nov 1, 2012

More than 30 million households could be hit with the Alternative Minimum Tax (AMT) if Congress doesn’t take action after the election, adding another pressure point to talks on the “fiscal cliff.”

Democrats and Republicans agree that Tuesday’s election will go a long way toward determining which party has leverage in the post-election negotiations on taxes and spending.

But congressional aides and tax lobbyists say fixing the AMT could be a rare area of agreement between the parties, regardless of how the election shakes out.

“An AMT patch simply has to get done by the beginning of January, and both sides know it,” said one Democratic aide on the Hill.

Full article here [1]