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AMT relief mired in the mud

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in Small Business Tax

The Statistics of Income Bulletin put out recently by the IRS points out that the alternative minimum tax (AMT) problem isn’t going away. In fact, it’s getting worse.

For 2005, 31 percent more returns reported the AMT than 2004, totaling a staggering $15.9 billion. With full-fledged repeal seemingly stalled in Congress, it appears that the best taxpayers can hope for this year is another “patch.”

The president has pledged to veto any tax increases that would make up lost AMT revenue.

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