
The AMT is a second tax system, where tax is assessed based on including income not taxed under the regular tax system and disallowing certain deductions. It is hard to believe now, but it originally did have a point. In the late 60’s Congress noticed that high income individuals were legally using many tax deductions and tax breaks to avoid paying their fair share of federal income tax. Congress then instituted the AMT with the main goal and purpose to make the tax system fairer. … [Read more...]















