The House GOP's proposed tax reform bill will give a boost to the wealthiest in the country. Repealing the estate tax and the alternative minimum tax (AMT) are just two of the ways rich Americans could benefit. Meanwhile, the typical American family will get a tax cut of $1,182. Show More Summary
The way the state and local tax deduction, alternative minimum tax, and Pease limitation interact is complex. This primer makes things easier to understand.
Enough of the GOP’s proposed tax changes so obviously tilt toward the rich (e.g. repeal the alternative minimum tax, create a 25 percent pass-through rate) that you may have figured out the “middle-class tax cut” is more like “a corporate and rich guy tax cut.” Now we know exactly how much the rich gain. The […]
John Cassidy writes about Donald Trump’s latest proposed tax bill, which would repeal the Alternative Minimum Tax and benefit corporations and wealthy people.
Welcome to Part 7 of the ol' blog's series on 2018 inflation adjustments. Today we look at changes to the Alternative Minimum Tax exemption amounts and next year's Social Security wage base. You can find links to all 2018 inflation posts in the first item: Income Tax Brackets and Rates. Show More Summary
In 2015, 4.4M individual payers paid $26.4B in AMT. Some say AMT repeal would result in a federal budget shortfall and affect some taxpayers adversely.
The House Republican leadership and the Trump Administration want to repeal the state and local tax (SALT) deduction and the individual Alternative Minimum Tax (AMT)...
Like many of the five million tax filers who must pay the Alternative Minimum Tax (AMT), I am trapped. I wrote a big check to...
Like many of the five million tax filers who must pay the Alternative Minimum Tax (AMT), I am trapped. I wrote a big check to the IRS last month, but that’s not what bothers me. I don’t like having to calculate my taxes twice with two sets of complex tax rules.
The alternative minimum tax was enacted to make sure high-income earners didn’t avoid a fair share of tax, but many say its effectiveness has eroded.
President Donald Trump unveiled his tax reform plan this week, and it included a lot of big giveaways for high-income earners, including the elimination of both the inheritance tax and the alternative minimum tax. Despite this, the administration has tried to pitch the plan as a boon for the middle...
President Donald Trump's administration unveiled a tax plan on Wednesday that proposes lower taxes across the board and a number of alterations to the tax code. What is the alternative minimum tax? Here's the history Why some peopleShow More Summary
The Trump administration released its tax plan on Wednesday, which would lower individual tax rates, drop the alternative minimum tax and eliminate most deductions.
President Donald Trump on Wednesday unveiled his tax reform proposal — and it contains massive giveaways for America’s richest individuals. Among other things, the plan would completely eliminate both the alternative minimum tax and the inheritance tax — two taxes that were...
Bernie Sanders is a self-proclaimed socialist who railed against the power of the wealthy elite during his 2016 presidential run. But despite that, he does not support the alternative minimum tax, which was enacted with the intention...Show More Summary
Americans for Tax Fairness, Corporate Tax Dodging Outlined in New Report Hurts Jobs and Working Families Americans for Tax Fairness, Trump Trying to Eliminate the Biggest Tax He Pays: The Alternative Minimum Tax Bloomberg, Merkel to Warn Trump That U.S. Tax Changes May Spark Retaliation Bloomberg, Trump’s Counties Lose Out...
Trump paid $38M in taxes in 2005, and Alternative Minimum Tax was a big reason. But that doesn't mean he is wrong about repealing the AMT.
One tax that President Donald Trump has promised to put on the chopping block is one that hit him hard in 2005: the alternative minimum tax. A copy of the president's tax return recently revealed by MSNBC indicates that the alternative minimum tax cost Trump $31 million. Show More Summary
Trump’s effective tax rate was higher than average for the uber-rich, but only because of the alternative minimum tax.
Trump's proposals to eliminate the alternative minimum tax, cut the capital gains tax rate and curb income tax rates would have shrunk his tax bill dramatically if they had been in place over a decade ago. According to the group, the...Show More Summary