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April 12, 2005
Joseph Thorndike of Tax Analysts Says the AMT is Much Ado About Nothing
The alternative minimum tax (AMT) was created in 1969 to ensure that the very richest Americans pay at least some taxes. But, because it was never adjusted for inflation, the AMT is imposing higher taxes on more middle-income Americans. Three million taxpayers will pay higher taxes this year under the AMT, and that figure will grow to more than 35 million by 2010. Tax experts agree that, because so many middle-income Americans will be affected, Congress will have to fix the AMT before long. But Joseph Thorndike, of Tax Analysts, says that, because many Americans use accountants or on-line services to do their taxes, they won't even notice the AMT.

Joseph Thorndike, who runs the Tax History Project of Tax Analysts, wrote in
Tax Notes magazine this week that the AMT is the next great "non-disaster."

Joseph Thorndike is currently available for media interviews.

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