Tax Reform
Meanwhile, Assembly Speaker Robin Vos (R-Rochester) and others are hoping that revenue projections this spring will be better than current estimates, giving them an opportunity to further expand the tax cuts. Some Republicans, however, would advocate for using any additional money for schools, to reduce bonding or for other purposes.
One of Kooyenga’s targets is the state’s alternative minimum tax. Some tax filers with a large number of deductions must pay the alternative tax, which is higher than what they would otherwise owe.
About 5,900 people had to pay the alternative minimum tax in 2011, far less than 1% of all tax filers, according to the Legislative Fiscal Bureau. It generated $6.5 million - a relatively tiny amount considering the state took in about $6.4 billion in income taxes that year.
Kooyenga contended many others have to calculate the alternative minimum tax to see whether it applies to them, which he said wastes their time and costs them money in tax preparation. But Berry and Reschovsky said they believed few tax filers needed to calculate the alternative minimum tax because it applies only in rare cases.
Total Entries: 21059
Total Comments: 146944
Most Recent Entry: 05/17/2013 05:57 am
Most Recent Comment on: 05/18/2013 05:31 am
Total Members: 9751
Total Logged in members: 1
Total guests: 33
Total anonymous users: 0
Most Recent Visitor on: 05/22/2013 04:53 pm
The most visitors ever was 663 on 09/02/2012 05:13 pm
Current Logged-in Members: crusher
Protected and licensed under a Creative Commons License (some rights reserved).