Will the Alternative Minimum Tax be eliminated?

Removing the tax would help the wealthy.

ST. PETERSBURG — Reporting forced the president's hand Tuesday night.

He didn't want to release his tax returns, but we have them now, at least a very small portion of them from 2005.

10News is breaking down what they mean, and the president's promise that might have you scratching your head.

And if you want to talk taxes? Go to the expert. Pasco County tax collector Mike Fasano is a lifelong Republican. He's got pictures of Ronald Reagan and Abraham Lincoln in his office. So when we talked about President Trump’s campaign promise to repeal some IRS tax language?

“The bottom line is it will definitely help very very wealthy people," Fasano predicted. "His billionaire friends, they will benefit from it. It's probably not gonna help the little guy and gal.”

We're talking about the Alternative Minimum Tax. It was established essentially so extremely wealthy people pay at least as much as extremely poor or even well-off individuals. It's a tax President Trump has campaigned on repealing.

The tax caused the president to pay $31 million to the IRS in 2005.

“If the alternative minimum tax is taken away, people like President Trump who have incomes of over $100 million will see their tax responsibilities drop significantly,” Fasano said.

In the President’s case, it would be 5.5 percent.

“It is totally unfair,” Fasano said. “I think my dog pays more than five percent, you know?”

So what do you think? Should President Trump repeal the alternative minimum tax? It would save him a lot of money, but would it help you? Head to Mark Rivera’s Facebook page and share your thoughts.

© 2017 WTSP-TV


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