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Resident 2B · 03-29-2007, 10:59 PM

vrrooom,

With the Alternative Minimum Tax, the myth of those making a lot of money and paying nothing is long past. In addition, if you are a citizen of the US, you have to pay taxes on all your income, whereever it is made. Bermuda has no income tax, but even if you live there, if you are a US citizen, you file in the US.

With the lack of indexing, the AMT is now impacting more and more people. You really need to fill out both tax forms if you earn over $75K now days.

Skip is totally correct. If someone is earning 7 figures and is only paying $25K in taxes, they have to be breaking the law big time. Those in the upper 50% of income and paying over 95% of the nation's taxes.

R2B

03-29-2007, 10:59 PM	#57
Resident 2B Senior Member Join Date: Apr 2004 Location: North Shore, MA Posts: 1,358 Thanks: 998 Thanked 314 Times in 164 Posts	Ever hear of AMT? vrrooom, With the Alternative Minimum Tax, the myth of those making a lot of money and paying nothing is long past. In addition, if you are a citizen of the US, you have to pay taxes on all your income, whereever it is made. Bermuda has no income tax, but even if you live there, if you are a US citizen, you file in the US. With the lack of indexing, the AMT is now impacting more and more people. You really need to fill out both tax forms if you earn over $75K now days. Skip is totally correct. If someone is earning 7 figures and is only paying $25K in taxes, they have to be breaking the law big time. Those in the upper 50% of income and paying over 95% of the nation's taxes. R2B