8/30/2010

Even if the Bush tax cuts for those earning more than $250,000 a year disappear, it doesn't necessarily mean the wealthy will pay more taxes, tax expert Andrew Friedman tells CNBC. He says that those who have been paying the Alternative Minimum Tax, but who will no longer qualify for it if the Bush tax cuts expire, may receive a tax credit for the AMT taxes they paid in the past. "Some will see that their regular tax will exceed their alternative tax when the regular taxes go up," he said. "But I think what people have not realized is that the alternative taxes paid in prior years can then be carried forward and offset against their new higher regular taxes."

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