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View Diary: President Obama's Opening Move: Raise $1.6 Trillion In New Tax Revenue From The Wealthy (222 comments)

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  •  I hope Obama can force a good deal (this year). (1+ / 0-)
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    TomP

    At least for the 2012 AMT, but preferably, everything.

    Because if we don't, I'm reading that going over the fiscal cliff, and waiting to deal with it next year with the new Congress could create a lot of headaches for tax filing next spring.

    From CNN Money (and I read a similar story somewhere else that I can't relocate):

    If lawmakers fail to protect the middle class from having to pay the Alternative Minimum Tax by Dec. 31...

    The IRS would need to tell more than 60 million taxpayers that they may not file their 2012 tax returns or receive a refund until the IRS makes changes to its systems. That may mean taxpayers couldn't file until late March, Miller said.

    They could hopefully at least "fix" the AMT this year like they've done other years, but if that becomes a bargaining chip toward a complete overhaul, in the worst case it might not.

    I still say do what we must to get a good deal (while we have some leverage and a fresh mandate), but since there's only 3 working weeks left for the lame duck Congress to act, I sure hope they get moving. Anything more than a simple change to rates seems very difficult to achieve in time (and I would like to see more than a simple rate change, to tackle things like carried interest and frequent stock trading). It's hard to see how we can get real reform without hitting that fiscal cliff.

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