Assertion: taxpayer | /r/CapableOf | pay the amt
Facets:
value: in 1997
type: TEMPORAL
value: in any prior year
type: TEMPORAL
Source sentences:
text: Now, some taxpayers who do not have very high incomes or participate in numerous special tax benefits and/or activities will pay the AMT.
text: In any year in which regular tax exceeds tentative minimum tax, a credit (AMT Credit) is allowed against regular tax to the extent the taxpayer has paid AMT in any prior year.
text: The recent tax cuts in the regular tax have the effect of causing many taxpayers to pay some AMT, reducing or eliminating the benefit from the reduction in regular rates.
text: In 1997, for example, 605,000 taxpayers paid the AMT; by 2008, the number of affected taxpayers jumped to 3.9 million, or about 4% of individual taxpayers, raising $26 billion of $1,031 of federal income tax revenue.
text: Taxpayers are not allowed to deduct state and local taxes in calculating their AMT liability; as a result, taxpayers who live in states with high income tax rates are up to 7 times more likely to pay the AMT than those who live in states with lower income tax rates.