Sunday, March 14th, 2010

Upcoming Tax Increases

The Republican Study Committee has released a list of tax increases that are set to be enacted automatically over the next few years, unless of course some legislative action is taken.

In 2006:

Taxpayers in states with no state income tax will not be allowed to deduct their sales taxes from their federal income tax.

(Technically, this tax increase above has already occurred; however, since tax returns for 2006 are not filed until the winter or spring of 2007, this increase can still be reversed without any taxpayer being affected by it.)

In 2007:

The exemption for the Alternative Minimum Tax (AMT) will decrease from $42,500 to $33,750 for single filers and from $62,550 to $45,000 for married couples filing jointly.

The full release cab be found here.

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