double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs vietnamese seafood double-skinned crabs mud crab exporter double-skinned crabs double-skinned crabs crabs crab exporter soft shell crab crab meat crab roe mud crab sea crab vietnamese crabs seafood food vietnamese sea food double-skinned crab double-skinned crab soft-shell crabs meat crabs roe crabs

Breaking News

Russia launched intercontinental ballistic missile during attack on Ukraine, Kyiv says
Business

SEMI-RETIREE HIT BY ALTERNATIVE MINIMUM TAX

By
Post Staff Report
Published Dec. 2, 2007, 10:00 a.m. ET

Dear John: I think one of the major issues today that’s not talked about is the alternative minimum tax. As someone on Social Security and semi-retired – making half my old salary – and without a pension I think the AMT will be particularly brutal if I hope to maintain my current life style. What should I do? E.H.

Dear E.H. : Maybe you should fully retire and then the AMT wouldn’t kick in. Of course, then you wouldn’t have the other half of your salary either, so that really doesn’t work.

The AMT, of course, is an extra tax on “rich” people, although it typically kicks in at the not-so-affluent level of $75,000 a year in income.

It’s especially troubling to folks who claim too many deductions. It was – in fact – an attempt by the government to keep people from procreating. Actually, that’s not what the intention was.

It was really intended to add tax on people who were able to get around the system by claiming large numbers of deductions not only for children they had but also for tricky tax shelters.

In 1970 just 19,000 people were said to have been clobbered by the AMT. Today millions have graduated into the “rich” status that gets them hit with the AMT.

Occasionally you hear calls to fix the AMT burden.

But, really, with the government running huge deficits what are the chances that Washington will forgo revenue by making the AMT equitable?

Dear John: Thanks for printing my letter about the “friend” who claimed to be getting money from automatic teller machines that wasn’t deducted from his account.

On the advice of legal counsel, he initiated contact with the bank and amicably reconciled the matter.

He laughingly asked me to tell you to “keep the paddywagon back at the police station.”

In fact, by exhibiting qualities of the quintessential stand-up guy, he is now an A-list customer at his bank. ERD

Dear ERD: Honesty is the best policy. It’s only money. Never a borrower, a lender or a thief be. I’d butcher a few more cliches but I don’t want anyone losing their Sunday brunch.

Well, I’m glad your friend decided to do the right thing. He’s either the last honest man on the planet or just a nervous one like the rest of us.

Send your questions to Dear John, The N.Y. Post, 1211 Ave. of the Americas, N.Y., N.Y., 10036, or [email protected].