Modifying the Alternative Minimum Tax (AMT): Revenue Costs and Potential Revenue Offsets (CRS Report for Congress)
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| Release Date |
Revised March 18, 2008 |
| Report Number |
RL33899 |
| Report Type |
Report |
| Authors |
Jane G. Gravelle, Government and Finance Division |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
This report first reviews the cost of modifying the AMT to reduce its coverage.It then discusses a range of potential revenue offsets for these modifications,including alterations to the AMT and to the regular income tax. These measuresinclude higher rates under both the AMT and the regular income tax, a reduction ofpreferentially treated items under the regular income tax, and measures to reduce thetax gap. Many of the revenue offsets examined are designed so that the burden ofpaying for AMT modifications is borne by those taxpayers for whom the AMT wasoriginally intended (i.e., taxpayers at the highest income levels).
