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
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.
According to the Tax Foundation, the AMT
functions as a surtax on high-income taxpayers living in high-tax states who also have children.
Unlike hydraulics, the AMT
system uses a friction clutch.
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.
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.