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The alternative minimum tax (AMT) is a tax imposed by the United States federal government in addition to the regular income tax for certain individuals, estates, and trusts. As of tax year 2018, the AMT raises about $5.2 billion, or 0.4% of all federal income tax revenue, affecting 0.1% of taxpayers, mostly in the upper income ranges. [1] [2]
Section 141(a) of the Internal Revenue Code provides that the term private activity bond means any bond issued as part of an issue which meets: (1) the private business use test of section 141(b)(1) and the private security or payment test of section 141(b)(2), or
IRS Form 6251 is a complex tax form and a complicated issue. If you are likely to get hit with the AMT, part of the reason may be that the calculation of AMT causes you to lose many of the tax ...
The Tax Reform Act of 1969 (Pub. L. 91–172) was a United States federal tax law signed by President Richard Nixon on December 30, 1969.Its largest impact was creating the Alternative Minimum Tax, which was intended to tax high-income earners who had previously avoided incurring tax liability due to various exemptions and deductions.
Repealing AMT would cause a massive increase in the (official) deficit, because the (official) deficit assumes revenues based on the AMT reverting back to its official long-term form (AMT exemption of 45000 for MFJ, etc.).
IRS Form 6251, titled Alternative Minimum Tax-Individuals, determines how much alternative minimum tax (AMT) you could owe. In order for wealthy individuals to pay their fair share of income tax ...
For example, the payroll tax system (FICA), a 12.4% Social Security tax on wages up to $117,000 (for 2013) and a 2.9% Medicare tax (a 15.3% total tax that is often split between employee and employer) is called a regressive tax on income with no standard deduction or personal exemptions but in effect is forced savings which return to the payer ...
The Taxpayer Relief Act of 1997 (Pub. L. 105–34 (text), H.R. 2014, 111 Stat. 787, enacted August 5, 1997) was enacted by the 105th United States Congress and signed into law by President Bill Clinton.