Tax Reform Blunts the Bite of the AMT
Tax reform didn't quite streamline the regular tax system to the point that taxpayers could file their returns on postcards. But the new law does simplify the parallel tax system known as the alternative minimum tax. Even better, the changes mean far fewer people are likely to get snared by the AMT. Only 200,000 taxpayers are estimated to owe the tax in 2018, compared with about 5 million taxpayers if the new law hadn't been enacted. "Its teeth have been taken out," says Gil Charney, director of the Tax Institute at H&R Block.
