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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]
The alternative minimum tax was first introduced in 1969 as a way to prevent wealthy people from taking advantage of so many income tax ... There’s only so much you can do to avoid the AMT. The ...
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.
There was another tax act in 1993, in which the alternative minimum tax rates were increased, also the regular rates, and an increase in the absolute gap for upper-income people. In the 1997 act, a gap between the rates at which capital gains and ordinary income was introduced to all taxpayers.
Income Levels, Thresholds and Triggers for AMT. For tax year 2024, the Alternative Minimum Tax rate is 26% for AMTI between $85,700 and $609,350 for single filers or between $133,300 and ...
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Nothing gets taxpayers fired up quite like the alternative minimum tax, commonly called the AMT. This year, the good news that is fewer taxpayers will have to grapple with the AMT when filing 2018 ...
So how do you avoid AMT, simple have less tax preference deductions on your Schedule A. The biggest tax preference item on your Scedule A is state income taxes and real estate taxes. In any given year, if your Alternative Minimum Taxable Income (AMTI) is greater than your Regular Taxable Income, you may want to push your last real estate tax ...