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The Alternative Minimum Tax for Individuals: Legislative Activity in the 110th Congress (CRS Report for Congress)

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Release Date Revised Oct. 9, 2008
Report Number RS22909
Report Type Report
Authors Steven Maguire, Government and Finance Division; Jennifer Teefy, Knowledge Services Group
Source Agency Congressional Research Service
Older Revisions
  • Premium   July 1, 2008 (6 pages, $24.95) add
Summary:

The alternative minimum tax (AMT) for individuals was originally enacted to ensure that all taxpayers, especially high-income taxpayers, pay at least a minimum amount of federal taxes. However, the AMT is not indexed for inflation, and this factor, combined with recent reductions in the regular income tax, has greatly expanded the potential impact of the AMT. This report explains legislation for the FY2009 budget compromise, which includes an offset AMT patch.