Financial Management White Papers
The Individual Alternative Minimum Tax
Overview The AMT was originally designed to limit the use of tax preferences (exclusions or deductions from a comprehensive measure of income) by high-income taxpayers to ensure that they paid at least some income tax. Under the AMT, a parallel tax system was established with a more limited set of tax preferences than those that apply under the regular income tax and with its own set of exemptions and tax-rate schedule. Taxpayers are required to pay whichever is greater - the tax they owe under the AMT or the tax they owe under the regular income tax.
| Publisher | Congressional Budget Office | File Format | |
|---|---|---|---|
| Date Published | May 2005 | Downloads | 68 |
| Format | White Papers | ||
| Topics | |||
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