Should the AMT be eliminated?
Yes. The AMT needs more than indexing for inflation. Even with the annual “patch” for inflation, it still adds a tax burden and complication for upper-middle-class families with more than the average number of children or who live in a state that taxes income at a high rate–neither of which are exactly progressive tax policies. Moreover, as this IRS report shows, it has done little or nothing to combat otherr tax policies that allow more high-net-worth individuals than ever to pay no tax, ostensibly the reason it was enacted more than 40 years ago. http://www.irs.gov/pub/irs-soi/05inhighincomebul.
Related Questions
- I have large unused AMT credits. How does the October 2008 tax law about refundable AMT credits help me to use them quicker?
- What are the Aviation Maintenance Technician (AMT) ratings issued by the Civil Aviation Authority of the Philippines ?
- What are the guidelines for Intel® AMT Management Engine (ME) passwords?
