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Article Date:
January 2008


Word Count:
283

 

 

AMT Patched, Mortgaged


In what is becoming an every year event, lawmakers patched the alternative minimum tax (AMT) so that it would not collect $50 billion from 23 million taxpayers.1 The patch adds $50 billion to the deficit, making it just one more mortgage on the future.

 

Next year, the patch is expected to cost $65 billion.2

 

Deficit projections are based on estimated tax collections. The AMT is part of the projected collection. By enacting one-year fixes, the budget projection never reflects the fact ... Log in to view full article.

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