TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Tuesday, November 27, 2007

The AMT: What's Wrong and How to Fix It

Leonard E. Burman (Senior Fellow, Urban Institute; Co-director, Tax Policy Center), William G. Gale (Arjay and Frances Fearing Miller Chair, Brookings Institution; Co-director, Tax Policy Center), Gregory Leiserson (Research Assistant, Urban Institute & Tax Policy Center) & Jeffrey Rohaly (Senior Research Methodologist, Urban Institute; Director of Tax Modeling, Tax Policy Center) have published The AMT: What's Wrong and How to Fix It, 60 Nat'l Tax J. 385 (2007).  Here is the abstract:

The alternative minimum tax (AMT) is a complex, unfair, and inefficient shadow tax system that threatens to affect 32 million taxpayers by 2010, many of them solidly middle class. Under current law, repealing the AMT without offsets would cost more than $850 billion through 2017. This paper summarizes the current and projected effects of the AMT and considers options to finance repeal. One attractive option we consider would be to combine AMT repeal with a four percent tax on AGI in excess of $200,000 for married couples and $100,000 for others.

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Congress's reluctance to deal with the ATM exposes their real motives.

Posted by: James Madison | Nov 30, 2007 7:52:51 PM