minimum tax

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Alternative Minimum Tax

A tax in the United States intended to be levied on very wealthy persons who are eligible for so many deductions that they would otherwise have little or no tax liability. To arrive at the AMT, one adds certain deductions back into a person's adjusted gross income and then subtracts the AMT exemption, which results in the alternative minimum tax income. The taxpayer then pays a percentage of the alternative minimum tax income rather than his/her AGI. The AMT is controversial in the United States because it is not indexed to inflation, meaning that upper middle class families are gradually becoming subject to it, rather than only the very wealthy. See also: Tentative minimum tax, Bracket creep.

minimum tax

References in periodicals archive ?
a) To opt out of minimum tax as referred to in clause-b of the sub-section 3 of section 153 of Income Tax Ordinance 2001 and present their accounts for audit by giving an irrevocable undertaking in writing by the date specified by the government for tax year 2016.
Lot 8 Annual minimum tax 5 000 EUR - annual maximum 30 000 EUR.
The forwarders said that despite numerous requests and several meetings with the FBR, they said, the issue 8 percent minimum tax on the goods forwarding industry is yet to be resolved.
At present, the minimum tax burden mechanism is applicable to enterprises which enjoy five-year tax holiday according to the Statute for Industrial Upgrading or investment tax incentive according to the Statute for Industrial innovation.
Election to Forgo Bonus Depreciation for Additional Minimum Tax Credit
The minimum tax would apply to fuel, natural gas and coal.
Flash forward nearly 80 years and the $10 minimum tax is once again on Oregon's political agenda.
2) 20 percent of the long-term unused minimum tax credit.
WASHINGTON, May 23 /PRNewswire/ -- The American Institute of Certified Public Accountants (AICPA) supports repeal of the individual and corporate alternative minimum tax (AMT) and has endorsed H.
It's the Alternative Minimum Tax, which is designed to keep the wealthy from using deductions to erase their tax bill.
That means they assume the Bush tax cuts expire, even though "the president's economic policies" include a plan to make them permanent, and that the alternative minimum tax won't be indexed for inflation in the intervening years, even though that's a virtual political impossibility.
Elimination of 90 percent limitation on the use of foreign tax credits and use of NOLs against alternative minimum tax and expansion of exemption amounts.

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