alternative minimum tax
A term to know.
A tax imposed on individuals, corporations, trusts, and estates to ensure that regardless of deductions, credits, and exemptions, a high-income taxpayer will pay some tax. This tax is computed starting with the standard methodology for computing taxes, and then adjustments are made. The tax is somewhat analogous to a flat tax on income, and can reach 28%.
Synonyms:
AMT
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AMT