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The '''Alternative Minimum Tax''' ('''AMT''') was introduced by the Tax Reform Act of 1969, and took effect in 1970. It was originally intended to target very high incomes which were subject to many exemptions under the tax code and to insure that taxpayers with large incomes paid some tax. In recent years, due to indexing and inflation, millions more are becoming subject to the AMT.
The '''Alternative Minimum Tax''' ('''AMT''') was introduced by the Tax Reform Act of 1969, and took effect in 1970. It was originally intended to target very high incomes which were subject to many exemptions under the tax code and to insure that taxpayers with large incomes paid some tax. In recent years, due to indexing and inflation, millions more of American taxpayers are becoming subject to the AMT.
In 2006, 3.8 million taxpayers were expected to be subject to the Alternative Minimum Tax. By 2007, the figure is projected to balloon to 23 million--nearly one in six workers. [http://www.usnews.com/usnews/biztech/articles/061026/26taxes.htm]
In 2006, 3.8 million taxpayers were expected to be subject to the Alternative Minimum Tax. By 2007, the figure is projected to balloon to 23 million--nearly one in six workers. [http://www.usnews.com/usnews/biztech/articles/061026/26taxes.htm]