The Alternative Minimum Tax as Everyone’s Tax: Important Strcutural Changes Made by the Tax Reform Act of 1986

Wednesday, January 1st, 1986 at 12:00 am by Kendyl K. Monroe
Kendyl K. Monroe, The Alternative Minimum Tax as Everyone’s Tax: Important Strcutural Changes Made by the Tax Reform Act of 1986, 1986 Colum. Bus. L. Rev. 177

Dramatic changes in tax structure being implemented by the Tax Reform Act of 1986 deserve more attention and analysis than they have yet received. Historically, the principal components of income tax liability in the United States have been (i) the base, (ii) the rates, with progressivity an important feature, and (iii) offsetting credits. The Tax Reform Act of 1986 modified each of these components of the regular tax calculation in many significant ways. What may become even more important, however, are the so-called “alternative minimum tax”‘ provisions, which will apply to all taxpayers (corporations as well as individuals) after 1986.

Author Information

Mr. Monroe is a senior tax partner at Sullivan & Cromwell, and a member and former chairman of various committees of the Tax Section of the American Bar Association and the New York State Bar Association and a former member of the Tax Committee of the Association of the Bar of the City of New York.