Tags: Trump Administration | Trump Tax Reform | grover norquist | alternative minimum tax | amt | tax cuts and jobs act

Norquist: Leaving Alternative Minimum Tax on Books Wasn't Enough

Norquist: Leaving Alternative Minimum Tax on Books Wasn't Enough
Grover Norquist (Manuel Balce Ceneta/AP)

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Thursday, 28 December 2017 05:42 PM Current | Bio | Archive

The landmark tax reform measure, signed into law by President Trump before Christmas and set to take effect Jan. 1, dramatically scales back the Alternate Minimum Tax (AMT). It abolishes the corporate AMT and sets its starting threshold for individuals at an annual income of $1 million, thereby reducing the number of Americans hit by the 47-year-old tax.

But that is not enough for Grover Norquist, president of Americans for Tax Reform. He wants it scrapped altogether, and reminded Newsmax on Thursday both the administration and the White House had agreed on abolition of the controversial tax.

"The framework agreed to by the House, Senate, and White House leadership included full abolition of the AMT," Norquist told us. "It was a large part of tax simplification."

While accepting the fact" it is progress" the AMT will not longer touch taxpayers earning less than $1 million a year, Norquist nonetheless emphasized "taxes pruned back are not taxes ripped out 'root, branch, and all.'

"Small tapeworms can grow."

The AMT is a supplemental tax for individuals, corporations, estates, and trusts that have certain exemptions which allow them to pay lower income taxes. The AMT is applied to an adjusted amount of taxable income in which the exemptions are disregarded.

Over the years, the AMT has been amended and revised. Its latest incarnation was the American Taxpayer Relief Act of 2012, which indexes to inflation the incomes that are subjected to the tax.

"I understand that we could not 'fit' all the important tax cuts into this one piece of legislation," Norquist said. "A great deal has been accomplished. But abolishing the AMT is a 'loose end,' 'unfinished business' that goes on our 'to-do' list. It is a very high priority of the taxpayer movement to end the AMT."

John Gizzi is chief political columnist and White House correspondent for Newsmax. For more of his reports, Go Here Now.

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Scaling back the Alternative Minimum Tax in the latest tax reform signed into law was a positive thing, but Americans for Tax Reform President Grover Norquist says it was not good enough.
grover norquist, alternative minimum tax, amt, tax cuts and jobs act
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2017-42-28
Thursday, 28 December 2017 05:42 PM
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