AMT by Income Group in 1970
December 4, 2007
The alternative minimum tax (AMT) was first put into law in 1970 in response to a Treasury report that said 155 high-income individuals (income over $200,000) paid no income tax at all in 1967. The first year it was implemented was tax year 1970 and was technically called the “minimum tax.” The alternative minimum tax wasn’t officially instituted until tax year 1979. For a complete history of the AMT and the minimum tax, click here.
The following table provides a look at how the minimum tax hit tax returns among various income groups in 1970.
The Minimum Tax by Income Group in 1970 (first year of what became AMT)
|Income Group (AGI)||Number of Minimum Tax Returns||Minimum Tax||Average per Minimum Tax Return||Average per All Returns in Group||Total Number of Returns in Group|
|$10,000 – $14,999||0||0||0||0||14,852,506|
|$15,000 – $19,999||0||0||0||0||6,104,264|
|$20,000 – $49,999||2,127||3,550,807||$1,669||$0.87||4,071,406|
|$50,000 – $99,999||5,689||11,609,270||$2,041||$30||385,872|
|$100,000 – $199,999||5,603||22,247,777||$3,971||$295||75,342|
Source: 1970 IRS Public Use File (may not exactly match published figures)
Note: All dollar figures and income groups are in 1970 dollars. According to CPI-U, $1 in 1970 = $5.20 in 2006.
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