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Finance For Dummies

Finance For Dummies offers personal finance information on investing, retirement investing, finance, insurance, credit cards, loans and more. Personal finance education is our goal.

Sunday, June 18, 2006

Alternative Minimum Tax

The AMT, or Alternative Minimum Tax, is a tax lottery you do not want to win. Studies show that within the next few years a significant percentage of American taxpayers will fall under the criteria to pay AMT. Congress created it in the 1960s to prevent the rich from getting away without paying any taxes. The problem is that is has not been adjusted for inflation and it has begun affecting more middle-class people. When Congress passed the Tax increase Prevention and Reconciliation Act (TIPRA) this had provisions to reduce the odds that more Americans would be caught in the Alternative Minimum trap in 2006 . . . but there is always 2007.

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