List: Number of Households by State Benefiting from the Lower AMT

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Posted by Gaby Enos on Thursday, September 6th, 2018, 5:23 PM PERMALINK

  • Thanks to the tax cuts passed by the Republican House and Senate and signed into law by President Trump, millions of families are seeing increased take-home pay and simplification because of the reduction in the Alternative Minimum Tax.  
     
  • The Tax Cuts and Jobs Act increased the threshold at which the Alternative Minimum Tax hits taxpayers to $1 million for a family and $500,000 for an individual.
     
  • This will simplify the tax code for millions of Americans. According to one estimate, the number of taxpayers paying the AMT will decrease from 5 million families and individuals to just 200,000.
     
  • Under the old tax code, 4,423,880 families paid the AMT according to IRS SOI data from 2015 (the most recent year available). For instance, 901,370 families in California, 279, 740 families in New Jersey, 513,490 families in New York, and 194,780 families in Illinois paid the AMT. By reducing the AMT, the TCJA enacted important tax simplification and increased take-home pay for these families.  Specific statewide data can be found in the below:

         State              Number of Filers

United States         4,423,880

Alabama                 22,740

Alaska                    3,890

Arizona                  48,170

Arkansas                19,730

California               901,370

Colorado                70,890

Connecticut            103,330

Delaware                10,720

Florida                    156,410

Georgia                  109,540

Hawaii                    14,750

Idaho                      12,720

Illinois                    194,780

Indiana                   46,720

Iowa                       29,910

Kansas                    24,940

Kentucky               33,890

Louisiana                32,200

Maine                     14,530

Maryland                144,510

Massachusetts        173,500

Michigan                91,450

Minnesota              92,700

Mississippi              14,510

Missouri                 54,400

Montana                 9,730

Nebraska                20,550

Nevada                   15,480

New Hampshire     16,370

New Jersey             279,740

New Mexico          12,270

New York              513,490

North Carolina       102,000

North Dakota         5,340

Ohio                       122,050

Oklahoma               28,000

Oregon                   59,230

Pennsylvania          166,590

Rhode Island         15,270

South Carolina       38,870

South Dakota         4,680

Tennessee               28,410

Texas                      236,780

Utah                       24,870

Vermont                 8,060

Virginia                  149,290

Washington            67,100

West Virginia         10,550

Wisconsin               63,380

Wyoming               3,480

Photo Credit: Wall Street Journal

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