December 4, 2007

Economist Gerald Prante Discusses AMT on C-SPAN’s Washington Journal

Economist Gerald Prante, author of several reports and commentaries on the Alternative Minimum Tax (AMT) debate, will discuss the issue on C-SPAN’s Washington Journal this morning, December 4 at 8am. Prante is the author of the Tax Foundation’s revenue-neutral proposal to greatly diminish the parallel tax system known as the AMT. He has calculated how many taxpayers had to file an AMT return for tax year 2005, in each state, county, metropolitan area and congressional district. and he has shown that no taxpayer’s AMT payment is as large as his tax cut was under the Bush tax cuts.

Here are some frequently asked questions about the AMT that Prante has posted quick answers to.

Above: Tax Foundation economist Gerald Prante on C-SPAN

Above: C-SPAN report highlights text from a Tax Foundation Special Report. Yellow highlighted area reads:

Instead of raising rates on income that we’re already taxing, we should start taxing income hat is currently tax-free. With this approach, we can spare the middle class the burden of the AMT and at the same time lower their other tax rates, all the while collecting the same revenue.