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Alternative Minimum Tax

alternative minimum tax

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Title: alternative minimum tax

Essay Details:

Subject: History

Author: Timothy K

Date: August 10, 2015

Level: University

Grade: A

Length: 2 / 301

Essay text:

If the AMT is higher then your regular income tax you're paying, you're required to make up the difference in tax dollars thus paying an AMT tax. The idea behind the AMT is great, but for various reasons more and more people are being required to pay AMT with lower salaries. It was reported that in the year of 2000, 1.3 million people paid AMT. This was a huge spike comparatively to the number of individuals that paid AMT only 10 years ago (132,000). Although Congress is trying to figure out ways to balance and regulate the AMT the number of individuals expected to pay AMT is on the rise. Congress in 2006 has passed a bill that will shield an estimated 17 million or so from paying the higher AMT tax in the year of 2006...

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