Stealth Tax ... Be Prepared
It was a little disconcerting reading this news update regarding the Stealth Tax, or in other words, the alternative minimum tax (AMT). Initially designed to limit deductions of the rich, it is quickly beginning to affect the middle class. Congress has no plans to make changes to this tax as it would be too costly ... but what effect will this have on the economy in the long run? The more the middle class has to spend in taxes, the less they will be spending in the market. Unfortunately, Congress rarely, if ever, looks anywhere beyond elections. So, as I'm guessing many of us may be in this tax bracket in five years or so (and especially for those families planning on several children), we'd best be aware and prepared for the possibility of this "Stealth Tax" affecting us.