What are the Presidential Candidates plans on AMT tax?
It seems that neither of the candidates are endorsing a plan to eliminate the AMT tax. This comes as no surprise as most americans understand that the AMT generates billions of tax revenues. However, there are some discernable differences with respect to AMT exemptions amongst both of the candidates.
Senator Obama is proposing indexing the AMT exemption to ensure that it would provide much needed tax relief to the "Middleclass" taxpayers.
Senator McCain wants to go a little further, in that starting from Tax Year 2014, he wants to add an additional 5% to the AMT exemption amounts each year until it reaches $143,000 for married filing joint taxpayers. This would represent double the amount from the current AMT exemption in 2007.