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The Alternative Minimum Tax (AMT) is projected to hit 47 million tax returns by 2022

Welcome to VoteFacts.  Today, let's spend a little time looking at the Alternative Minimum Tax (AMT).  A Newsmax article reported this:

"...the Alternative Minimum Tax, which is right now limited in its impact, would become unlimited, would hit not the four million Americans it hits now but 31 million families would be hit by the Alternative Minimum Tax."

To help you cast your Fact or Fiction vote, here are some verifiable bullet points on the AMT.

• The Alternative Minimum Tax (AMT) was originally intended to impose taxes on high-income individuals who used tax preferences to greatly reduce or eliminate their liability under the regular income tax. However, unlike the regular income tax, the AMT is not indexed for inflation. As a result, the AMT will affect significantly larger numbers of taxpayers over time under current law, and lawmakers have acted repeatedly since 2001 to slow the expansion of the AMT and prevent it from affecting more taxpayers outside of higher-income groups.  CBO, Page 33

• For most of its existence, the AMT has played a minor role in the tax system, accounting for less than 2 percent of individual income tax revenues (or 1 percent of total revenues) and affecting less than 1 percent of taxpayers in any year before 2000.  Since then, the tax would have reached more and more taxpayers (because, unlike the parameters of the regular income tax, those of the AMT are not indexed for inflation), but lawmakers have intervened each year to slow that expansion.  CBO, Page 1

• According to a 2012 CBO report, the AMT is projected to hit 30.5 million tax returns in 2012, and rise to 47.2 million by the year 2012.  CBO Report

So now you know a little bit more about the Alternative Minimum Tax (AMT) and so we put it to you.   Fact or Fiction - The AMT projected to hit 47 million returns by 2022?

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VoteFacts Original Post Date:  August 7, 2012

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Voting Key

Fact = 100% - 92% True
Mostly Fact = 91% - 75% True
Slightly Fact = 74% - 60% True
Split = 59% - 50% True
Slightly Fiction = 49% - 30% True
Mostly Fiction = 29% - 10% True
Fiction = 9% - 0% True