NewsFlash: November 7, 2007
23 million to pay higher Alternative Minimum Tax unless…
The Alternative Minimum Tax was enacted in 1969 ago amid public outcry over reports about super-rich individuals who owed no taxes. The AMT was devised to guarantee that everyone pays something. But in recent years, it has threatened to increase the taxes of middle-income taxpayers because it was not indexed to inflation and because the Bush tax changes since 2001 also failed to adjust the AMT. In 2006, the AMT increased taxes for about 4.2 million taxpayers; in 2007, that number will increase more than five-fold unless Congress takes action.
In today’s Snapshot, John Irons, EPI’s research and policy director, examines the numbers and the fixes under consideration.
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