"Capitol Update" piece on the Alternative Minimum Tax (AMT), noting that Maine's

Mal Leary

Source

Mainebiz

Date

7-23-2007

Pages

14-15

Abstract

"Capitol Update" piece on the Alternative Minimum Tax (AMT), noting that Maine's congressional delegation agrees that the tax is problematic and needs to be amended or repealed. Up to 85,000 Mainers will be hit with the tax this year unless Congress limits the tax's impact. Sen. Olympia Snowe, R-Maine, said last year 12,987 Mainers were hit with the AMT. A total repeal of the AMT is estimated to cost the country about $800 billion over the next decade. The AMT was created in 1969 to ensure all taxpayers would pay some federal income tax, no matter how many deductions they had.

Subjects

Alternative Minimum Tax (AMT)

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