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The alternative minimum tax (AMT) is a tax imposed by the United States federal government in addition to the regular income tax for certain individuals, estates, and trusts. As of tax year 2018, the AMT raises about $5.2 billion, or 0.4% of all federal income tax revenue, affecting 0.1% of taxpayers, mostly in the upper income ranges.
The alternative minimum tax was first introduced in 1969 as a way to prevent wealthy people from taking advantage of so many income tax ... The 22 best Hanukkah gifts of 2024. See all deals. In ...
It increased to $13.99 million for the 2025 tax year. Increased alternative minimum tax exemption: The TCJA increased the alternative minimum tax (AMT) exemption from $85,700 in 2024 to $88,100 in ...
For 2024, the tax brackets are: Income tax rate: Lowest Annual Income. Highest Annual Income. 10%. $0. $11,000. 12%. $11,001. ... Exemptions for the alternative minimum tax increase, which helps ...
The United States federal Alternative Minimum Tax was eliminated in 2018. Corporations may also be subject to additional taxes in certain circumstances. These include taxes on excess accumulated undistributed earnings and personal holding companies [78] and restrictions on graduated rates for personal service corporations. [79] [needs update]
Alternative minimum tax; Capital gains tax; ... The $600,000 estate tax exemption was to increase gradually ... This page was last edited on 16 August 2024, ...
The AMT is typically triggered by tax filers whose income exceeds the annual AMT exemption for that year. For tax year 2021 (which you file in 2022), the exemption is $73,000 for single ...
The Tax Reform Act of 1969 (Pub. L. 91–172) was a United States federal tax law signed by President Richard Nixon in 1969. Its largest impact was creating the Alternative Minimum Tax, which was intended to tax high-income earners who had previously avoided incurring tax liability due to various exemptions and deductions.