Trump's tax plan calls for the repeal of a tax that once cost him $31 million

[riversedge]

Trump's tax plan calls for the repeal of a tax (AMT) that once cost him $31 million

https://www.yahoo.com/news/trumps-tax-plan-calls-repeal-175400115.html


Frank Chaparro
Business Insider September 27, 2017


President Donald Trump has promised his tax plan will deliver the "biggest tax cut in history."

It also promises to repeal a tax that cost the president $31 million in 2005.

The much-anticipated nine-page framework, released on Wednesday, includes the repeal of the so-called alternative minimum tax for individuals.

The decades-old tax, which was enacted to make sure the rich pay their fair share, "accounted for most of the $38.5 million in taxes" the president paid in 2005.
What is the alternative minimum tax?

The original purpose of the AMT was to prevent very wealthy Americans from using deductions and loopholes to skimp on their taxes.

One way to look at it is as a secondary tax code. The AMT has a set of rates and rules that are distinct from the regular tax code and apply to certain high-income earners, trusts, estates, and corporations.......................

[Thrill]

1. Of course. The whole reason he wanted to be President

[world wide wally]

2. I couldn't help but shake my head when he announced the elimination of the

Estate tax. In spite of the fact that it is already a once in a lifetime tax exemption on the first 5.5 million dollars of inheritance, people cheered like they were given a free pony.
I never had any idea that Indiana had so many millionaires and billionaires.