Manufacturing Industry
The ABCs about the AMT.(Money Matters)(alternative minimum tax)
Professional Builder (1993), December, 2003 by Ehrlich, Stan
As secretary of the Treasury in 1969, Joseph Barr reported to Congress that 155 individual taxpayers with incomes in excess of $200,000 had paid no federal income tax in 1966. In response, Congress passed the alternative minimum tax (AMT) to ensure that wealthy individuals couldn't take unfair advantage of income tax laws.
Fast-forward to 2008. The Urban Institute Tax Policy Center estimates that because of higher incomes and bracket creep, some 36 million Americans will be subject to the AMT that year under current laws.
If you haven't seen your planned tax refund turn into a tax payment, be patient. Your time will come. Virtually every method you have used to reduce your federal income tax works against you if you come under the AMT umbrella....
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