Is the AMT Exemption Increased?
Congress raised the exemption for the alternative minimum tax for 2009 so it would not catch millions more taxpayers. It was bumped from $69,950 in 2008 to $70,950 in 2009. The AMT generally applies to people in high-tax states and people with large families. It’s expensive to fix this problem. The revenue estimate for this one-year patch was $70 billion over 10 years. Estimated cost is $69.759 billion over 10 years.