In case you have been living under a rock, or out in space, maybe you were not aware that certain pages of the 2005 tax return for President Trump have been revealed.
What was revealed is that the majority of the tax is due to AMT. (See our blog What is AMT? And do I Need to Pay It?).
And not just a little of the majority. We are talking a big majority. As in $31.3 million in AMT taxes. While the details of these preference items were not available – they are located on Form 6251, which was not part of the available return – it does invite some interesting thoughts on the progress of AMT repeal.
President Trump’s tax plan calls for the repeal of AMT. House Speaker Paul Ryan’s Tax Plan also has called for repeal. Even the American Institute of Certified Public Accountants (AICPA) has called for the repeal of AMT.
Is repeal of AMT likely? I have no earthly idea. With most legislation being passed these days that is striving to be “revenue neutral”, there is a glimmer of hope, but you never know what would replace AMT in order to keep the same revenue being generated.
One thing is certain, with tax season upon us, AMT is mentioned and discussed many times, and will continue to be – many, many taxpayers are caught up in this web.
Donna H. Laubscher, CPA