The alternative minimum tax (AMT) is the most unfair tax since direct confiscation of assets. Quite simply, the AMT is a tax on your deductions. (This is not a typo. It’s true. The AMT is a tax on your deductions).
The tax works like this. First you complete your regular income tax return. Then you compute the AMT, starting with your taxable income and adding back, among other things, deductions that you claimed for regular tax purposes.
For example, in your regular ... Log in to view full article.