Topic: Alternative Minimum Tax

The discussion of Trump's taxes continues with a focus on the Alternative Minimum Tax (AMT) and the use of rehabilitation credits for the Trump Hotel. The hosts argue that the media's focus on Trump's "fair share" is driven by envy and that his tax practices are common among wealthy business owners like Warren Buffett.

Pulitzer Prize winner David K. Johnston discussed his role in obtaining the Trump tax returns and promoted his non-profit site, DCReport.org. Johnston argued that the returns prove Trump would benefit enormously from his own proposal to eliminate the Alternative Minimum Tax (AMT). He also suggested Trump might be "beholden" to Deutsche Bank and the Bank of China.

H&R Block has issued warnings to clients regarding "Taxmageddon" and the expiration of the Alternative Minimum Tax (AMT) patch. Without legislative action, approximately 30 million taxpayers could see significant tax increases and delayed refunds, with some middle-income households owing thousands of dollars more for the 2012 tax year.

The "fiscal cliff" poses a significant threat to 30 million Americans due to the scheduled expiration of Alternative Minimum Tax (AMT) patches. If no deal is reached, the AMT exemption threshold will drop significantly, potentially adding thousands of dollars to the tax bills of middle-class households. The hosts argue that both political parties are complicit in allowing this "tax bomb" to remain under-discussed.

John C. Dvorak warns listeners about the impending impact of the Alternative Minimum Tax (AMT) as the U.S. approaches the "fiscal cliff." He explains that many middle-class taxpayers could face unexpected tax bills of $2,000 to $10,000 because the AMT eliminates standard deductions. The hosts criticize the mainstream media for failing to warn the public about this specific financial threat.

John C. Dvorak explains the "fiscal cliff" and the impending expiration of tax cuts, including the Alternative Minimum Tax (AMT). They debate the nature of the $16 trillion U.S. national debt, noting that much of it is owed to domestic entitlements and the Federal Reserve rather than foreign powers. A clip of Sean Hannity is played, where the Fox News host argues that going over the cliff is a "noble endeavor" to control deficits.

A detailed explanation of the Alternative Minimum Tax (AMT) reveals a looming crisis for 30 million Americans. Without a congressional "patch" for the 2012 tax year, the AMT will trigger significantly higher tax rates for those earning around $70,000. The hosts highlight that this issue affects the current tax year and will be felt by taxpayers in early 2013.