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Summary

This report first reviews the cost of modifying the AMT to reduce its coverage. It then discusses a range of potential revenue offsets for these modifications, including alterations to the AMT and to the regular income tax. These measures include higher rates under both the AMT and the regular income tax, a reduction of preferentially treated items under the regular income tax, and measures to reduce the tax gap. Many of the revenue offsets examined are designed so that the burden of paying for AMT modifications is borne by those taxpayers for whom the AMT was originally intended (i.e., taxpayers at the highest income levels).

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