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May 23, 2005
JS-2464
Testimony of Deputy Assistant Secretary (Tax Analysis) of Treasury
Robert J. Carroll before the Senate Finance Subcommittee on
Taxation and IRS Oversight
Mr. Chairman, Senator Jeffords, and Distinguished Members of the Committee.
Thank you for the opportunity to discuss the individual alternative minimum tax. The alternative minimum tax, or AMT, is an example of a tax provision that was intended to address a relatively small, targeted problem that has had unintended consequences, grown far beyond its original purpose, and created a far larger problem than it was ever intended to address. Unfortunately, because of the way the AMT is now intertwined with the rest of the individual income tax, a long-term solution to the AMT problem needs to be considered in the broader context of reform of the income tax.
REPORTS