Congressman Boren Issues Tax Warning
Friday, April 20th 2007, 2:05 pm
By: News On 6
OKLAHOMA CITY (AP) -- Congressman Dan Boren says an alarming number of Oklahomans could find themselves subject to what is known as the federal "alternative minimum tax."
The tax was created in 1969 to prevent millionaires from using loopholes to avoid paying taxes.
But Boren says the tax has expanded because it isn't tied to inflation and doesn't allow many common deductions. He says the tax could apply to families with incomes as low as $50,000 year.
Boren says 12,000 alternative minimum tax returns were filed in Oklahoma in 2003 and that number is expected to rise to 116,000 next year.