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May 22, 2007
The Tax Foundation Joins the AMT Club
Washington, D.C., May 15, 2007 - Congress should not repeal or radically change the Alternative Minimum Tax (AMT) but instead reform the regular tax code so that it allows less income to go untaxed, according to a new Tax Foundation study to be released Thursday, May 17. The key findings of the report: • The overriding flaw of our income tax system is the vast flow of funds that escapes taxation through loopholes in the tax code. The AMT corrects a small portion of this problem, albeit imperfectly. • The AMT is often redundant and complex, but the basic idea behind it—taxing a broader base at lower rates—is a sound one that should serve as a guide to tax policy. • Most of the AMT "fixes" currently under consideration would move us in the wrong direction—shrinking the tax base and taxing what is left at even higher rates. • The key to fixing the AMT lies in the regular tax code. By curtailing its myriad exclusions, deductions, exemptions, and credits we could raise the same revenue with lower tax rates, reduce the number of filers affected by the AMT, improve the overall quality of the tax system, boost the nation's economic well-being, and improve tax fairness. The Tax Foundation's report is here. Previous posts here and here on folks who say keep the AMT and junk the primary income tax. Posted by E. Frank Stephenson at 02:15 PM in Economics
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