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The Alternate Minimum Tax was only supposed to affect less than 100 millionaires in the 1960's who were paying no taxes. Now, it is impacting 20+% of California
by aatharuv 5y ago
The Alternate Minimum Tax was only supposed to affect less than 100 millionaires in the 1960's who were paying no taxes. Now, it is impacting 20+% of California tax payers most of whom earn under a million dollars a year and many of whom are not millionaires.
- ac29 5y ago"In 2019, the AMT impacted just 0.1 percent of households overall. This includes 0.2 percent of households with income between $200,000 and $500,000, 1.8 percent of those with incomes between $500,000 and $1 million, and 12.5 percent of households with incomes greater than $1 million" https://www.taxpolicycenter.org/briefing-book/who-pays-amt https://www.taxpolicycenter.org/briefing-book/who-pays-amt
- aatharuv 5y agoThat is a very recent change, post the Trump tax changes, which removed most of the impact of the AMT. Interesting to see the current numbers. But even before then, the AMT disproportionately affected California taxpayers.