The number of wealthy Americans paying the individual alternative minimum tax could grow if a change in the House-passed Republican tax-and-spending package remains in place.
The 2017 GOP tax law slashed the number of taxpayers owing the AMT—a regime meant to ensure the wealthiest pay a minimum tax rate—from millions to about 200,000. The AMT has different rules and exemptions from the regular tax system. High-income earners pay whichever is highest, regular income taxes or the AMT.
The House legislation seeking to renew expiring parts of the 2017 tax law includes a last-minute amendment, moving the base year for calculating ...
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