Alternative Minimum Tax tops list of taxpayer problems.
Position | National |
The National Taxpayer Advocate's Annual Report identified the Alternative Minimum Tax (AMT) as the number one problem faced by taxpayers. The annual report is required by law and contains a list of the most serious problems encountered by taxpayers, key legislative recommendations, and a list of the most litigated tax issues.
According to the report, despite the fact that the AMT was originally enacted to prevent wealthy taxpayers from avoiding tax liability through the use of tax avoidance techniques, it now affects substantial numbers of middle-income taxpayers and will, absent a change of law, affect more than 30 million taxpayers by 2010. By 2007, nearly 95 percent of AMT revenues will be attributable to personal and dependent exemptions, the standard deduction, state and local taxes, and miscellaneous itemized deductions. National Taxpayer Advocate Nina Olson recommends that Congress repeal the AMT or...
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