unmanaged wrote:

The individual AMT law, intended in 1969 to affect only the wealthy, has not been updated to account for inflation. It is now affecting 21 million middle-income earners – exemptions for this demographic have expired. Congress is currently debating re-authorizing these exemptions, so the law is in limbo. Once the law is approved, the IRS could take seven weeks to start processing returns, delaying refunds for those who file early.

Damit... I hate the IRS and our silly d*&^% wagging government... I will never be rich so this does not really apply to me ...

Really, what is "wealthy"?

If you are earning 100,000/year, is that wealthy?

Take a look at the info below:

Inflation in my adult years increased average prices 1,000% or more -
example 1: a postage stamp in the 1950s cost 3 cents; today's cost is 41 cents - 1,266% inflation;
example 2: a gallon of 90 Octane full-service gasoline cost 18 cents before; today it is $3.05 for self-service - 1,870 % inflation;
example 3: a house in 1959 cost $14,100; today's median price is $213,000 - 1,400% inflation;
example 4: a dental crown used to cost $40; today it's $1,100 - 2,750% inflation;
example 5: an ice cream cone in 1950 cost 5 cents; today its $2.50 - 4,900% inflation;
example 6: monthly government Medicare insurance premiums paid by seniors was $5.30 in 1970; its now $93.50 - 1,664% inflation; (and up 70% past 5 years)
example: several generations ago a person worked 1.4 months per year to pay for government; he now works 5 months.
And in the past, one wage-earner families lived well and built savings with minimal debt, many paying off their home and college-educating children without loans. How about today?

taken from http://mwhodges.home.att.net/inflation.htm