"The
AMT has become a tax penalty," complained Rosa DeLauro of Connecticut in May.
If your deductions add up to a disproportionate share of your income, you, like the Gordons, could be hit with the
AMT. But you won't know for sure until you've calculated your taxes--twice (first using the regular tax formula and second using the
AMT Form 6251).
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AMT state delegates to the convention must attend Meet the Candidates on Tuesday, and the Business Meeting on Thursday of convention week.
These and other likely unintended consequences of retaining the corporate
AMT await corporate taxpayers should the Senate bill be enacted in its current form.
As a result, one interesting feature of the
AMT action is that the recesses into which the locking rollers fit are self-contained parts held on by Circlips.
After adding all
AMT preference items and subtracting or adding all adjustment items, their tax base for
AMT purposes is $290,000 in Scenario 2 and $190,000 in Scenario 3.
The regular tax system imposes rates progressively higher for those with higher incomes, with a ceiling rate of 35% (revised to 39.6% in 2013 by the American Taxpayer Relief Act of 2012 [ATRA]), while the
AMT provides a floor so that individuals proficient in tax law application cannot completely avoid paying taxes.
The
AMTs receiving the award were William Hindle (
AMT, retired) - Kansas City; Larry Olsen (
AMT Crew Chief, retired) - Kansas City; Gerald Beebe (
AMT Inspector, retired) - Kansas City; John Mulholl (
AMT Crew Chief) - Tampa; Ron Wolfe (
AMT) - Tampa; Ralph Grunhof (Manager - Production, retired) - Tulsa; Prince Street (Supervisor - Aircraft Maintenance) - Tulsa; and Jim Roddy (
AMT) - Tulsa.