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Deal on Fiscal Cliff Could Start With AMT

Expansion in taxpayers affected by alternative minimum tax could propel Congress toward a deal.

By Richard Rubin, Bloomberg | Updated on September 10, 2012

An expansion in the reach of the alternative minimum tax is the element of the U.S. fiscal cliff with the largest immediate effect on taxpayers and the most bipartisan appetite for a solution, creating the possibility that lawmakers could use it to propel Congress toward a deal.

If Congress doesn’t act to prevent the $92 billion tax increase, the number of households facing the alternative tax would increase to 32.9 million from 4.4 million, according to the Internal Revenue Service. That’s an average unanticipated tax increase of about $2,800.

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