The new federal and provincial governments must immediately prepare finance bills to tax the rich and mighty through alternate minimum tax
of 2.5% of net worth and property tax according to the size of the house/office.
Their plan repeals the estate tax and the alternate minimum tax
, which will benefit only the wealthiest.
Of course, don't ignore how this may affect possible exposure to the Alternate Minimum Tax
Cruz wants to eliminate complex parts of the tax code such as the estate tax, the alternate minimum tax
and any taxes related to the Affordable Care Act, commonly known as Obamacare.
Volunteers are not trained to assist with depreciation, business returns, complex financial income, and taxpayers subject to the alternate minimum tax
In this context, CII has stated that the Union Budget 2012-13, under Section 115JB of the Income Tax Act, has proposed to impose alternate minimum tax
(AMT) at the rate of 18.5 percent on all forms of business organizations such as partnership firms, sole proprietorship, among others.
Several expired during 2011: alternate minimum tax
relief for 2012, 100% bonus depreciation, R&D credit, CFC look-through, active financing exemption and 15-year leasehold amortization.