Contents:
"Chapter 1, Subchapter A (relating to determination of tax liability) is amended by adding at the end thereof the following new part:
"Part VI – Minimum tax for tax preferences
"SEC. 56. Imposition of tax.
"In addition to other taxes imposed by this chapter, not imposed for each fiscal year, with respect to the income of each person, a tax equal to 10 percent of the amount (if any) by which … .
With these words, and the accident President Richard Nixon's stroke of a pen on 30 December 1969, the monster parents of present days the alternative minimum tax was born. No difference Dr. Frankenstein's monster, of the AMT's creators had no idea what negative consequences will ultimately turn to be.
History in general, attributes the origin of a minimum tax for testimony by Treasury Secretary Joseph Barr in congressional committee hearings in the 1969 Tax Reform Act. In a commentary which resulted in much publicity, and a general outcry from politicians and ordinary people alike said that a whopping 155 people with adjusted gross incomes of more $ 200,000 had paid no taxes in 1967 their tax returns.
Of course, when a "good" idea like this arises, many people are eager to take credit. Among the many of us in DC who did not invent it to Woodstock, President Nixon himself said to have had the idea. In his statement on signing the Tax Reform Act of 1969:
"Eight months ago, I presented a series of comprehensive proposals to Congress by the first major tax reform in 15 years, one that would make our tax system fairer.
"In terms of tax reform long overdue, the adoption of most of my major reform proposals.
"A large number of high-income individuals who paid little or no federal income tax will now a fairer distribution of tax burden by enacting a minimum tax similar to the proposal submitted to Congress, which closes the loopholes that allow Most of this tax evasion.
From this review simple "no problem of the 155 taxpayers, 40 years ago, the monster has been developed for the recent IRS statistics show that more than 4 million taxpayers currently paying the AMT!
Senator John Thune Introduces Tax Rebate Amendment
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