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By Staff Reporters
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Alternative Minimum Tax
DEFINITION: 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.
CITE: https://www.r2library.com/Resource/Title/0826102549
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Key Takeaways
- The alternative minimum tax (AMT) ensures that certain taxpayers pay their fair share of income taxes.
- However, the structure was not indexed to inflation or tax cuts. …
- For those subject to AMT, there are certain strategies that can be employed to reduce your exposure to this tax.
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Filed under: "Ask-an-Advisor", Accounting, Glossary Terms, Investing, Taxation | Tagged: Accounting, alternative minimum tax, AMT, AMT tax, Investing, tax, Taxation |
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