I'm estimating $110K, plus $50K for my new quarterly taxes. That is an insane amount of money. And that is on top of the $120K I already paid.

It is in large part because I did a Roth rollover for several hundred thousand and I had a phenomenal year and sold an investment very profitably. Still it is an insane bill.

I should be so lucky to be on the AMT. (My relatively low earnings disqualify me.)

PP, how is a larger family using more public resources? presumably they can travel in the same car, so whether there are four or six people in their minivan, it's not as though more kids mean more traffic on the roads. I don't get your argument that larger families should pay more tax. I'm a NP.

Anonymous wrote:

Anonymous wrote:14:48 - as it should. more people = more resources.

No, more people = more future taxpayers, which our country desperately needs, because there are too many old people.

And there is no guarantee that your children will be taxpayers in the future. Your children could become SAHPs or move to another country to marry or work. However, they ARE using public resources NOW and so you should pay for them. More public funds go to cover resources used by a family of 6 than a family of 3. Yes, larger families should pay more towards public resources.

Anonymous wrote:14:48 - as it should. more people = more resources.

No, more people = more future taxpayers, which our country desperately needs, because there are too many old people.

Anonymous wrote:yes spread the wealth, what a bunch of crap. On another note our nanny got a huge 8k refund without paying any taxes because she has multple dependents. She took a vacation us we had to cough up more money for the AMT. such bs.

But, she's a nanny. Nice life.

yes spread the wealth, what a bunch of crap. On another note our nanny got a huge 8k refund without paying any taxes because she has multple dependents. She took a vacation us we had to cough up more money for the AMT. such bs.

Yes, $8K.

Anonymous wrote:

Anonymous wrote:D*mn AMT.

Same here.

The only reason we have to pay the AMT is because of the number of dependents we have. The AMT directly penalizes large families.

Yes, it treats children like they are tax shelters.

Other common and big AMT triggers:

-- State and local tax deductions
-- Mortgage interest on a second trust
-- Incentive Stock Options


I read in the NYT that the Obama adminsitration wants to use the revenue from the Buffett Rule to repeal the AMT. I'm all for that.

14:48 - as it should. more people = more resources.

I got handed a $4,600 AMT bill.

Thankfully it's offset by overpayment of FICA b/c DH changed jobs last year but fuck it means we need to increase our withholdings by about $400 a month for the rest of 2012 or we'll face this next year.

Anonymous wrote:D*mn AMT.

Same here.

The only reason we have to pay the AMT is because of the number of dependents we have. The AMT directly penalizes large families.

D*mn AMT.

what's sizable? (I haven't figured mine out, but I anticipate owing.)

Uggh!!!