Quote:
Originally Posted by nybbler
Doesn't affect "super high" earners or even moderately high earners in NYC; if you're hitting the AMT limit you're not allowed to deduct these taxes anyway.
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Not necessarily true. Without deductions and personal exemptions for example a couple making 250k in NYC would pay 7k-8k more than the AMT amount under the current brackets depending on the amount contributed to 401k and mortgage interest which are deductible under AMT. In order to roughly match/break-even with the current AMT amount, the new 25% bracket needs to start at roughly 110k from the current 75k bracket for married joint filers assuming that the new first bracket will be the announced 12% rate. So the bracket is what to look out for. If the second bracket start anywhere less than 100k for joint filers you can bet a lot of moderate six figure earners will be hit.
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