Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is alternative minimum tax (AMT), and who has to pay it?

April 26, 2017alternative AMT minimum pay tax

0

Posted

What is alternative minimum tax (AMT), and who has to pay it?

1 Answer

0

Posted

The alternative minimum tax was enacted in 1969 with the intention of applying to high-income taxpayers who took advantage of tax loopholes to avoid paying tax. The AMT ensured that everyone paid his or her “fair share” of tax regardless of credits or tax breaks.