The Alternative Minimum Tax

I 12 The Milken Institute Review In a tax code with no shortage of ironies, the alternative minimum tax (AMT) stands out. Created by Congress in 1969, it was aimed at millionaires, but rela- tively few millionaires pay it. It is billed as a low-rate levy, but most of its victims face higher taxes because of it. It undermines two widely lauded reforms of the income tax – restoring both bracket creep and the marriage penalty. And though nobody favors keeping this Frankenstein alive, it will be very difﬁcult to kill. Welcome to tax policy in the Twilight Zone. At ﬁrst glance, the AMT may seem simple and fair. But for reasons nobody By Leonard E. Burman Assault on the Middle Class The Alternative Minimum Tax

The Alternative Minimum Tax

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