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Making Good Policy Out of a Bad AMT

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Publication Date: October 2007

Publisher(s): Heritage Foundation (Washington, D.C.)

Author(s): JD Foster

Series: Backgrounder

Topic: Banking and finance (Taxation and tax policy)

Keywords: Taxes; AMT patch; federal income tax; federal budget baseline

Type: Report

Coverage: United States

Abstract:

The majority party in Congress threatens to use extension of the alternative minimum tax patch as a ruse to raise taxes, which could leave a married AMT filer facing a tax increase of up to $5,026. Policymakers and the public need to expose this ruse, reject the tax hike, and turn to practical, substantive reform to end this pernicious tax.