The AMT Was Initially Enacted to Prevent High-Income Taxpayers from Taking Advantage of Tax Shelters to Legally Avoid Paying Any Income Taxes

The AMT Was Initially Enacted to Prevent High-Income Taxpayers from Taking Advantage of Tax Shelters to Legally Avoid Paying Any Income Taxes

1. The AMT was initially enacted to prevent high-income taxpayers from taking advantage of tax shelters to legally avoid paying any income taxes. Is this still true?
2. What has happened to the AMT?
3. Has the Tax Cut & Jobs Act of 2017 changed the AMT, included changes in the tax treatments of any of these areas? Certainly, many fewer taxpayers are subject to AMT!
4. Do you think it’s fair that most taxpayers with  high income will not be subject to the additional AMT?
5. Do you think high real estate tax states like NYS are unfairly affected by the AMT?
6. What other issues do you see in the administration of the AMT? H How will it affect the Federal budget deficit?

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