Key Elements: Alternative Minimum Tax

This section explains how inflation and tax cuts have caused the alternative minimum tax to affect more taxpayers each year and describes the patches that have kept its reach from expanding even further.

• What is the AMT?
• Who pays the AMT?
• How much revenue does the AMT raise?
• What is the effect of the 2001-2006 Tax Cuts on the AMT?
• What is the effect of the AMT on the 2001-2006 tax cuts?
• What has been the effect of annual "patches?"
• Should it replace the regular income tax?