The Alternative Minimum Tax was created in order to keep wealthy Americans from avoiding taxes. However, the tax has been affecting more and more taxpayers in recent years due to inflation. To keep the AMT from affecting middle class earners, Congress has been passing AMT “patches” in the last few years.
Affecting over 26 million families, the ARRA extends AMT tax relief for the 2009 tax year. Specifically, it increases the AMT exemption amount to $70,950 for joint filers and $46,700 for individuals.
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