Tax Returns Could Be Delayed Without Fiscal Cliff Deal - FOX44 - Burlington / Plattsburgh News, Weather & Sports

Tax Returns Could Be Delayed Without Fiscal Cliff Deal

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WASHINGTON -

If a deal isn't reached by the end of the month your tax returns could be affected.

As many as 100 million people could see delays in their refunds.

That's because the income exemption levels under the wealth tax or alternative minimum tax were never adjusted for inflation since it was enacted decades ago.

Over the years, lawmakers have consistently passed a patch to raise those levels.

They have not done so this year.

Without a patch those levels would jump to almost $79,000 for joint filers and around $50,000 for single taxpayers.

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