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Alternative Minimum Tax

Created to ensure the wealthy paid at least some taxes, the AMT is hitting some tax payers well below that belt.

It’s the IRS sucker punch: make too much money and have too many deductions, and you get ejected from the regular tax brackets into the dimension of alternative minimum tax. The original intent of the 1969 AMT had noble roots – ensure the nation’s wealthy couldn’t shelter all their income through deductions.