Summary
In an Oct. 30 letter to Acting IRS Commissioner Linda Stiff, Rangel, Baucus, Ways & Means Committee ranking member Jim McCrery, and Senate Finance ranking member Charles Grasshey committed themselves to enacting legislation that for 2007 would allow taxpayers to use non-refundable personal credits to offset both regular tax and AMT, and increase the AMT exemption amount to $66,250 for joint filers and to $44,350 for individuals.
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Extract
Attack of the Amt
The Alternative Minimum Tax (AMT) is a separate federal income tax system that runs parallel to the regular federal income tax system. Although the minimum tax provisions have been amended several times since the concept of a minimum tax was first introduced in the 1969 Tax Reform Act, the underlying purpose of the AMT provisions has always been to ensure that taxpayers with subs...
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