Page 2 - Amt Patch News Today : Breaking News, Live Updates & Top Stories | Vimarsana

For 2012 unfortunately congress hasn't even finished writing the 2012 laws let alone the fiscal cliff. they are going to be over 30 million people in taxes unless they do something called the amt patch. it is something where last year in 2011 they gave approximately 75,000 as an exemption but the law goes back to 45,000 dollars. all of these people what the ir is saying refunds will be delayed two months if the irs -- if congress doesn't act to change it. >> they are going to have to do something about it. i can't begin to think about how dpift it is to determine what your taxes might be verse...

Won't see them until they fill out the 2013 tax bill in april of 2014, the amt patch will hit much more quickly than that. that's something needing to be patched as of early -- if we go over, needs to be patched quickly. >> let's talk about that word, sequestration and there's a lot of concern about the defense cuts and the defense department, how to deal with it. leon panetta toning down the remarks saying that they would not necessarily require immediate action and could eventually mean furloughs down the road and looking at january and the cuts divided by ten years and 12 months, talking 50...

The impact is felt where and how. >> reporter: it's fairly extensive and almost immediate. there is the likelihood of a further downgrade in america debt. if those automatic cuts do not take effect, much more likely to sea downgrade. number two, we are going to see financial chaos in d.c. the next few weeks because this failure of the super committee with several issues on the table which must be worked out about it even of the year, unemployment benefit, the pending plan, the old one expired december 16. the amt patch. the medicare payment to doctors. all these issues have to be resolved in f...

Politics will play out thursday when the house democrats plan to vote on extenting just the middle class tax cuts. republican negotiator congressman dave camp is worried democrats will vote and not allow republicans to alter the bill. now is the time for serious negotiations, he said. "not political stunts." >> the worst thing we could do in a fragile economic recovery is raise taxes on frankly anybody but especially the job creators. >> reporter: other tax issues are unresolved. i.r.s. commissioner doug shulman wrote to key member of the tax committee about critical need for amt patch, if not...