AMT fix passes Senate but still faces House
A couple of weeks ago, I wrote about how if Congress doesn’t act soon to fix the ever-engulfing AMT, it could delay tax refunds for everyone due one. Well, the Senate passed, by a wide margin, a temporary fix to the AMT. There are still a couple of roadblocks in the way, though.
First, the House hasn’t taken up its version of the bill. Second, the two versions are not exactly alike and must be reconciled. Third, the House version is significantly different and hasn’t even been taken up by the full House yet. Democrats, now the party of fiscal responsibility apparently, are pushing for offsetting revenue (i.e. additional taxes somewhere else). And we all no how much Republicans hate taxes on anyone for anything.
So it seems that there’s a very excellent chance you won’t be getting your tax refund right away. Which would be OK, except that also means neither will I.
December 10th, 2007 at 12:33 pm
If you are taking good care of your personal finances, you shouldn’t be getting a refund at all. The government should not be your non-interest bearing savings account. Now, the AMT–that’s something to worry about.
December 10th, 2007 at 9:16 pm
Ideally, you’re correct. However, a few years ago, we owed enough that we were hit with a penalty. Now I err on the side of having a little too much taken out.