Obama plays chicken with economic
catastrophe
Freedom Outpost - Tim Brown –
12/24/2012
A letter was sent to Capitol Hill by acting Commissioner for
the Internal Revenue Service Steven Miller urging for serious contemplation by
legislatures of the consequences of going over the cliff.
The letter reads in
part:
As you know, the exemption amount
for the AMT is not indexed to inflation. As a result, Congress has in the past
enacted temporary patches to ensure that the AMTs reach does not unintentionally
expand to more taxpayers at lower income levels.
The most recent AMT patch, and the
exemption amounts of $74,450 for joint filers and $48,450 for single taxpayers,
expired at the end of 2011. For 2012, the current-law AMT exemption amounts are
much lower: $45,000 for joint filers and $33,750 for single taxpayers. This
means that, absent enactment of a new patch in the near future, nearly 30
million additional taxpayers will become subject to the AMT on their 2012 income
tax returns.
As I stated in my letter dated
November 13, 2012, the IRS has maintained the programming of its systems
assuming that the AMT will be patched as it has been in previous years. I also
indicated that if an AMT patch is not enacted by the end of this year, the IRS
would need to make significant programming changes to conform our systems to
reflect the expiration of the patch. In that event, given the magnitude and
complexity of the changes needed, I want to reiterate that most taxpayers may
not be able to file their 2012 tax returns until late in March of 2013, or even
later.
This situation would create two
significant problems: lengthy delays of tax refunds and unexpectedly higher
taxes for many taxpayers, who will be unaware that they are newly subject to AMT
liability. Moreover, if Congress were to act at some point next year to enact a
new AMT patch, the time and substantial expense necessary for the IRS to
reprogram its systems to reflect expiration of the patch would ultimately be
wasted.
As we consider the impact of the
current policy uncertainty on the upcoming tax filing season, it is becoming
apparent that an even larger number of taxpayers – 80 to 100 million of the 150
million total returns expected to be filed – may be unable to
file.
Meanwhile, it’s Christmas and Obama,
as usual, is not taking seriously his office as he and his family are off in
Hawaii
READER
COMMENT:
Obama's
Psalm
"Obama is my shepherd, I shall be in
want.
He leadeth me beside the still
factories,
He maketh me to lie down on park
benches,
He restoreth my doubts about the
Democrat party,
He guideth me onto the paths of
unemployment for the party's sake.
I do fear the evildoers, for thou
talkst about them constantly.
Thy tax cuts for the rich and thy
deficit spending They do discomfort me.
Thou anointeth me with never-ending
debt,
And my savings and assets shall soon
be gone.
Surely poverty and hard living shall
follow me,
And my jobless children shall dwell
in my basement forever."
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