You know those tax cuts you barely saw a couple of years ago? They will soon be eaten up by the Alternative Minimum Tax. Not only that: your taxes could go much higher as this non-inflation-adjusted mechanism eats up ever more of your deductions.
In 2006, 19 million people will pay it. By 2009, it will generate more revenue than the ordinary federal income tax (says TPC)! Economists here have been warning about it for years (1 and 2) but now the reality is impending for millions, according to the New York Times in this very good piece. The GOP has known about the problem for years but has done nothing about it. Nonetheless, this stealthy tax increase occurs on their watch.
