2007-12-20 15:57:49 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Well, probably multiple things, but the most common definition is Alternative Minimum Tax. It's a tax system designed to assure that wealthy individuals and organizations pay at least a minimum amount of federal income taxes. Basically makes sure they pay their fair share.
It's also an abbreviation of amount, and a subnational administrative unit (municipality, basically equal to county) used in some northern European countries.
2007-12-20 16:03:33 · answer #1 · answered by Lillie! 2 · 0⤊ 1⤋
We need a context.
It is also the abbreviation for Alternative Minimum Tax.
A tax so rich people with lots of write offs will still have to pay something.
2007-12-20 16:02:25 · answer #2 · answered by don_sv_az 7 · 0⤊ 0⤋
In refence to taxes it is the "Alternative Minimum Tax" and it was originally meant to prevent the top 5% of earners from cheating out of taxes.
BUT our government loves their money and they have neglected to change the limits on the tax since the 70s, so it results in much higher taxes for millions of Americans that are barely more than middle class.
It is crap and it floors me that we continue to vote the same idiots back into office.
As for all the answerers who believe it only affects the "rich", it hits married couples with combined incomes as low as $80k a year. And most people I know that only make $80k a year aren't rich and definitely are not in the top 5 % of wage earners.
2007-12-20 16:03:34 · answer #3 · answered by Gem 7 · 1⤊ 1⤋
It stands for Alternative Minimum Tax.
Technically when you do your taxes, you do them twice, once under the 1040 system and once under the AMT system. Whichever method results in the higher tax bill is the one you pay.
2007-12-20 16:02:39 · answer #4 · answered by Anonymous · 3⤊ 0⤋
Alternative Minimum Tax. Basically, if you make over $75k and have lots of deductions, the federal government thinks you have too many deductions, so they disallow a bunch of them so that you owe extra money.
It was originally set up for a couple of hundred really rich people making over $50k (in the 1970's), but the dollar value hasn't gone up with inflation, so now millions pay all of that extra money.
2007-12-20 16:01:27 · answer #5 · answered by Anonymous · 3⤊ 1⤋
It's usually used as an abbreviation for "amount".
2007-12-20 16:00:52 · answer #6 · answered by Brant S 2 · 0⤊ 3⤋
account money transaction
2007-12-20 16:06:08 · answer #7 · answered by ? 3 · 0⤊ 1⤋