The April AMT Shock: Tax Reform Advice for the New Majority

Dimitri B. Papadimitriou and L. Randall Wray

Economics Policy Note Archive from Levy Economics Institute, The

Abstract: Anyone who reads a newspaper knows that most Americans have accumulated excessive levels of debt, and realizes that as interest rates climb, it becomes more difficult to service financial liabilities. To add insult to injury, wage growth has been slow, while prices--especially for energy--have risen sharply. What is not clear, however, is the fact that taxes have also been rising rapidly, relative to both income and government spending. In this Policy Note, we concentrate on the last issue, and argue that many middle-income earners will find themselves unprepared for the coming surprise in April.

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Date: 2007-01
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