The alternate minimum tax was introduced in an attempt by Congress to ensure that higher income taxpayers paid their "fair share" of taxes, i.e., a higher percentage irrespective of many deductions otherwise available.
the expenditure tax introduced inIndia 1987
To figure out the alternative minimum tax, calculate your taxable income using the AMT rules and compare it to your regular tax liability. If the AMT amount is higher, you may owe the alternative minimum tax.
As of now, the alternative minimum tax in California is still in effect.
To calculate the alternative minimum tax, you start with your regular taxable income and add back certain deductions and tax preferences. Then, you apply a different set of tax rates to this adjusted income to determine if you owe any alternative minimum tax.
Brian Mulroney introduced the Tax while Prime Minister in 1991.
The government, it is a tax
The tax that requires individuals to pay a minimum of 20 percent is known as the Alternative Minimum Tax (AMT). The AMT is designed to ensure that high-income earners pay at least a minimum level of tax by limiting certain deductions and credits. This tax applies to individuals and corporations who exceed certain income thresholds, effectively creating a parallel tax system.
There is no particular year recorded when Regressive tax was first introduced. This is due to the fact that it is a uniform tax that affects low and high income earners equally.
It was introduced as a sport for women, an alternate to basketball, and was created by the inventor of basketball :)
Hans Peter Olsen has written: 'Minimum tax--items of tax preference' -- subject(s): Income tax, Law and legislation 'Minimum tax--items of tax preferance' -- subject(s): Income tax, Law and legislation
Yes, Income tax was introduced to Canada during World War 1. It was introduced to help pay for the costs of everything needed for the war.
No, but there was a window tax introduced in 1696 by William III