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Trivia Tidbit Of The Day: Part 45 -- Alternative Minimum Tax (AMT).

The Alternative Minimum Tax (AMT)-

Enacted by Congress in 1969 and implemented in 1970, the Alternative Minimum Tax (AMT) was intended to prevent the very wealthiest Americans with crafty accountants from skirting paying income taxes entirely. One problem, though. Inflation and across-the-board wage growth mean that increasing numbers of middle-class Americans are getting hit by the AMT.

According to financial services firm Fidelity, 19,000 households paid the AMT in 1970. 2.4 million did in 2003. 3.8 million will pay the AMT in 2005. Within 5 years, without changes to the AMT, more than 30 million taxpayers could face the AMT.

Who pays the alternative minimum tax?

Click on image for original .pdf.

Source:

The Tax Foundation's Quarterly Report (Spring 2005) (.pdf).

Previous trivia tidbits:

Part 1; Part 2; Part 3; Part 4; Part 5; Part 6; Part 7; Part 8; Part 9; Part 10; Part 11; Part 12; Part 13; Part 14; Part 15; Part 16; Part 17; Part 18; Part 19; Part 20; Part 21, Part 22; Part 23, Part 24, Part 25; Part 26; Part 27, Part 28; Part 29; Part 30, Part 31; Part 32; Part 33; Part 34; Part 35; Part 36; Part 37; Part 38; Part 39; Part 40; Part 41; Part 42; Part 43; Part 44.

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Posted by Will Franklin · 13 May 2005 09:49 AM

Comments

Posted by: Zsa Zsa at May 13, 2005 01:23 PM