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The Alternative Minimum Tax and Its Impact on the Middle Class---Part 1.
- Source :
- Journal of Financial Service Professionals; Mar2013, Vol. 67 Issue 2, p62-71, 10p
- Publication Year :
- 2013
-
Abstract
- The Alternative Minimum Tax (AMT) was originally designed to combat aggressive tax planning used to eliminate or substantially eliminate the taxable income of high-income taxpayers. In 2012 the number of taxpayers subject to the AMT is expected to explode by 661%, from 4.1 million in 2010 to 31.2 million. The AMT is no longer a tax imposed only on high income individuals; it has descended to the ranks of middle-income taxpayers. This article, the first in a two-part series, reviews the history of the AMT, shows how the AMT impacts middle-income taxpayers, and suggests policy changes for lawmakers. A second article will review possible planning options for advisors to help their clients avoid the AMT. [ABSTRACT FROM AUTHOR]
- Subjects :
- ALTERNATIVE minimum tax
MIDDLE class
TAX planning
INCOME tax
FINANCIAL planning
Subjects
Details
- Language :
- English
- ISSN :
- 15371816
- Volume :
- 67
- Issue :
- 2
- Database :
- Complementary Index
- Journal :
- Journal of Financial Service Professionals
- Publication Type :
- Academic Journal
- Accession number :
- 85802250