The Alternative Minimum Tax and You


The Alternative Minimum Tax (AMT) was formulated in 1969 and originally was aimed at the wealthiest taxpayers which came up to only about 19,000 in the entire country then. But the problem is that the AMT is not adjusted for infation. This results in more and more taxpayers being levied with the tax as the years go by.

In essence, the Alternative Minimum Tax eliminates many deductions and credits, thereby increasing tax liabilities for individuals who would otherwise pay less. Because these deductions, exemptions and tax brackets are not changed to refect infation, today it applies to many taxpayers who consider themselves middle class and not among the wealthy. In fact, some experts predict that if the AMT law is not changed, some 50 million taxpayers will end up paying the AMT by 2015.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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