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The alternative minimum tax (AMT) for individuals was originally enacted to ensure that all taxpayers, especially high-income taxpayers, pay at least a minimum amount of federal taxes.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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Maguire, Steven & Teefy, Jennifer July 1, 2008.

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This report is part of the collection entitled: Congressional Research Service Reports and was provided by UNT Libraries Government Documents Department to Digital Library, a digital repository hosted by the UNT Libraries. It has been viewed 86 times . More information about this report can be viewed below.

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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The alternative minimum tax (AMT) for individuals was originally enacted to ensure that all taxpayers, especially high-income taxpayers, pay at least a minimum amount of federal taxes.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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Congressional Research Service Reports

The Congressional Research Service (CRS) is the public policy research arm of Congress. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid-1970's through the present--covering a variety of topics from agriculture to foreign policy to welfare.

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  • July 1, 2008

Added to The Portal to Texas History

  • Dec. 11, 2008, 8:32 p.m.

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  • Dec. 3, 2015, 5:51 p.m.

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Maguire, Steven & Teefy, Jennifer. The Alternative Minimum Tax for Individuals: Legislative Activity in the 110th Congress, report, July 1, 2008; Washington D.C.. (digital.library.unt.edu/ark:/67531/metacrs10764/: accessed January 23, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.