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The Alternative Minimum Tax: Keep It

by Patriotic Millionaires | 3.27.18

From the experts at Indivisible:

What is the AMT? The AMT is a parallel part of the tax code that was put in place to ensure that even the wealthiest individuals cannot exploit tax loopholes to get out of paying taxes altogether. Wealthy individuals must first calculate their tax obligation under the regular tax code, and then calculate it again under the AMT. If the AMT is greater, they must pay the difference.

Take action above to contact your elected officials and tell them to vote “no” on the repeal of the AMT!

What Republicans want to do: Republicans want to eliminate the AMT, so the wealthy can once again exploit the tax code to get away with paying little or no taxes at all. This is one of the changes where Trump himself stands to gain the most, and his example illustrates why the AMT is so important. According to his 2005 tax return, Trump paid $38 million in taxes on $153 million in income; $31 million—or four-fifths—of his tax payment was due to the alternative minimum tax. Had it not been in place, his effective tax rate for that year would have been just 3.5 percent. That’s far below what most middle-class families pay.

What repealing the AMT costs? $440 billion over 10 years.

Who benefits from AMT repeal? Rich people. In 2012, Congress passed a permanent fix that limited the AMT’s effect on the middle class. According to the latest IRS data, 93% percent of the AMT is now paid by individuals making over $200,000. Learn how to hold elected officials accountable by going HERE.

Take action above to contact your elected officials and tell them to vote “no” on the repeal of the AMT!

Patriotic Millionaires

Written by Patriotic Millionaires

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