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Alternative Minimum Tax (AMT)AS part of the Economic Recovery and Middle-Class Tax Relief Act of 2009 the Alternative Minimum Tax (AMT) on Individuals is undergoing changes. AMT was introduced in 1969 to prevent 155 wealthy taxpayers from using tax loopholes to avoid paying taxes. As of 2009 more than 30 million are affected by AMT and Congress has passed AMT patches to limit the impact to taxpayers. Further legislation will repeal AMT. |
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