What's new this year in the tax laws?

What's new this year in the tax laws?

What is really exciting is that there is more awareness of this alternate minimum tax, and the horrendous result is that it is reaching for millions and millions of people. It has sort of unintended consequences. It was originally set up thirty years ago to tax those taxpayers who invested in all types of tax shelters and legal devices to reduce their taxes. By making all of these things a tax preference item, it took all the glory out of it. But now, regular working couples are getting caught up in it by having tax preference items and paying the alternate minimum tax. It is projected that this number is going to rise dramatically in the next ten years.