Backgrounder on the alternative minimum tax
I’ve got a very short new backgrounder on reforming the individual alternative minimum tax (AMT) up at the Tax Foundation’s website. The bottom line:
Congress’ original goal of enacting the AMT was to ensure that very wealthy taxpayers do not escape tax liability through the abuse of tax preferences. However, the most economically sound way to achieve that was not to graft additional complexity onto the tax code. It was to eliminate the very tax preferences that were the source of the abuse.
Unfortunately, we all know the odds of that happening anytime soon.
Posted by Andrew on Tuesday May 24, 2005 | Feedback?
