The Alternative Minimum Tax for Individuals: Legislative Activity in the 110th Congress

Description:

The alternative minimum tax (AMT) for individuals was originally enacted to ensure that all taxpayers, especially high-income taxpayers, pay at least a minimum amount of federal taxes. However, the AMT is not indexed for inflation, and this factor, combined with recent reductions in the regular income tax, has greatly expanded the potential impact of the AMT. This report explains legislation for the FY2009 budget compromise, which includes an offset AMT patch.

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Creation Date: July 1, 2008
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UNT Libraries Government Documents Department
Collection(s):
Congressional Research Service Reports
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Place of Publication: Washington, D.C.
Date(s):
  • Creation: July 1, 2008
  • : August 12, 2008
Description:

The alternative minimum tax (AMT) for individuals was originally enacted to ensure that all taxpayers, especially high-income taxpayers, pay at least a minimum amount of federal taxes. However, the AMT is not indexed for inflation, and this factor, combined with recent reductions in the regular income tax, has greatly expanded the potential impact of the AMT. This report explains legislation for the FY2009 budget compromise, which includes an offset AMT patch.

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Partner:
UNT Libraries Government Documents Department
Collection:
Congressional Research Service Reports
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Resource Type: Report
Format: Text