MLchartDataset catalogue

Alternative minimum tax

Term · Law · MLC-T-LAW-000481

A separate income tax calculation designed to prevent high-income taxpayers from avoiding tax liability through excessive deductions and credits. Taxpayers calculate their liability under both the regular income tax rules and the AMT rules, paying the higher of the two amounts. The AMT has its own set of rates and exemptions, which are adjusted annually for inflation.

Table 1. Record
IdentifierMLC-T-LAW-000481
FieldLaw
AbbreviationAMT
Record as JSON 
{
  "id": "MLC-T-LAW-000481",
  "term": "Alternative minimum tax",
  "field": "Law",
  "definition": "A separate income tax calculation designed to prevent high-income taxpayers from avoiding tax liability through excessive deductions and credits. Taxpayers calculate their liability under both the regular income tax rules and the AMT rules, paying the higher of the two amounts. The AMT has its own set of rates and exemptions, which are adjusted annually for inflation.",
  "abbreviation": "AMT",
  "url": "https://mlchart.com/terminology/law/alternative-minimum-tax/"
}

Record 257 of 5,441 in Law terminology (MLC-0107). Request the full dataset.