Active Management Technology, an Intel ich8 feature
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The AMT affects taxpayers who have what are known as "tax preference items." These include long term capital gains, accelerated depreciation, percentage depletion, and certain tax-exempt income, which are all considered to have favorable tax treatment and could trigger the alternative minimum tax.
The AMT disportionately affects those who live in wealthier areas with higher cost of living and areas with higher state and local taxes, areas which are primarily represented by Democrats.
Thus, many Democrats favor a tax reform of the AMT which would benefit primarily those who would be objectively viewed as wealthy by the standard of the country as a whole or their incomes, although they only live a middle class lifestyle.
He argued the AMT was intended to apply only to wealthy taxpayers, but the court could not disregard the statutory provisions of the Internal Revenue Code.
The mechanical application of the AMT rules required disallowance of the legal fees as a miscellaneous itemized deduction even though it was arguably unfair to tax the punitive damages and at the same time disallow expenses incurred in generating that income.
If a person was paying the AMT in 2002, he or she would probably still be paying the AMT in 2003, but the total tax would be less.
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