From Reason: The Alternative Minimum Tax was created in 1969 to prevent 155 extremely wealthy taxpayers from using deductions and credits to avoid paying any federal income taxes. Yet as Reason columnist and Mercatus Center economist Veronique de Rugy explains in her latest appearance on Bloomberg TV, today the tax overwhelmingly impacts non-millionaires living in [...]
Tags: Alternative Minimum Tax
Jeanne Sahadi of CNN Money reports that congressional Democrats and Republicans are working on a bill that will provide taxpayers with relief from the pernicious Alternative Minimum Tax: More than 20 million taxpayers are at risk of having to pay the so-called wealth tax when they file their 2010 taxes next year, if lawmakers fail [...]
Tags: Alternative Minimum Tax · Legislative Watch · Tax Policy
The IRS posted on its website yesterday a complete breakdown of the changes in the Alternative Mininmum Tax for tax years 2008 and 2009. I have republished it here in its entirety: 2008 Changes The following changes to the AMT went into effect for 2008. For more information, see Form 6251, Alternative Minimum Tax –Individuals, [...]
Tags: Alternative Minimum Tax · News
USA-Tax-News.Com reported today that, Senator Chuck Grassley, ranking Republican on the Senate Finance Committee, has criticized the version of the economic recovery legislation released by the House Ways and Means Committee last week for leaving out provisions that would curtail the reach of the alternative minimum tax for another year. “The tax bill released [...]
Tags: Alternative Minimum Tax · Legislative Watch
Here is the headline that ReformAMT ran the day President Bush signed into law the Emergency Economic Stabilization Act of 2008: OCTOBER 3, 3:15pm (EST) FINALLY, IT’S OVER!!! And this is from the Wall Street Journal’s Scott Thurm by way of TaxProf Blog’s Paul Caron: The recent $700 billion rescue package to bolster the financial system also [...]
Tags: Alternative Minimum Tax · Legislative Watch
The unintended, absurd tax quirks brought about by the application of the Alternative Minimum Tax in the 39 years of its rocky existence are too numerous to describe. But suffice it to say, the AMT has done more than any single tax provision in history to contribute to the tax code’s suffocating complexity and unwieldiness. [...]
Tags: Alternative Minimum Tax · Individual Taxation · Legislative Watch · Tax Policy
