Editing Taxation in the United States (section)

===Alternative tax bases (AMT, states)===
An [[alternative minimum tax]] (AMT) is imposed at the federal level on a somewhat modified version of taxable income.<ref>{{USC|26|55|59}}; IRS [https://www.irs.gov/pub/irs-pdf/i6251.pdf Form 6251 instructions].</ref> The tax applies to individuals and corporations. The tax base is [[adjusted gross income]] reduced by a fixed deduction that varies by taxpayer filing status. Itemized deductions of individuals are limited to home mortgage interest, charitable contributions, and a portion of medical expenses. AMT is imposed at a rate of 26% or 28% for individuals and 20% for corporations, less the amount of regular tax. A credit against future regular income tax is allowed for such excess, with certain restrictions.

Many states impose minimum income taxes on corporations or a tax computed on an alternative tax base. These include taxes based on the capital of corporations and alternative measures of income for individuals. Details vary widely by state.