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Publication Date: October 2007
Publisher: Heritage Foundation (Washington, D.C.)
Author(s): JD Foster
Research Area: Banking and finance
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.