The latest Money magazine explains how Obama administration tax policies aimed at “wealthy” Americans are likely to hit a completely different group. Columnist Janice Revell points to taxes on Social Security, the Alternative Minimum Tax, and limits on “capital-loss carry-forward” as examples of tax policies enacted in the past that aimed to tax the “highest-earning” Americans.
[T]hese provisions haven’t been adjusted for inflation in decades. They have morphed into traps for middle- and upper-middle-income earners ? and Congress hasn’t done a thing about it.
This reminds me of a recent discussion about the negative impact of the president’s policy proposals on HENRYs.
