As we head into the heart of tax season, people (well, those who haven’t read Will Republican Tax Bill make you pay less taxes?) are taking stock of what the major changes are this year. One of the major differences is that the Tax Cuts and Jobs Act lowered the number of people subject to the AMT from 5.2 million to just 200,000.
But who were these 5.2 million people? Or how much income were they making that they would be subject to this tax?
The goal of our spreadsheet is to calculate taxes owed under the normal tax system, as compared to under the AMT system. Our spreadsheet calculates taxes owed under both systems for a variety of incomes and determines what income levels people owe more under the AMT system. Continue reading “Who was paying the Alternative Minimum Tax (AMT)? A spreadsheet”