The alternative minimum tax (AMT) was first introduced in 1969 to prevent the wealthy from enjoying so many deductions and income tax credits that they paid little or no income tax....
In 1969, it came to the federal government's attention and the public that there were 155 taxpayers with an income of $ 200,000, or an annual income of over $ 1.3 million in today's...
An alternative minimum tax puts a cap on the tax percentage amount every taxpayer must pay no matter the deductions or credit they claim. As long as your income is above a specified...
Alternative minimum tax refers to a percentage of taxes a taxpayer must pay the government regardless of the deductions the taxpayer claims. With the AMT, some taxpayers get to pay...