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Simple English definitions for legal terms

AMT

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A quick definition of AMT:

Term: AMT

Definition: AMT stands for Alternative Minimum Tax. It is a way of calculating how much tax someone should pay based on their income and certain deductions. The AMT makes sure that even if someone gets special tax breaks, they still have to pay a minimum amount of tax if they earn a lot of money.

A more thorough explanation:

Definition: AMT stands for Alternative Minimum Tax. It is a way of calculating taxable income after certain deductions and tax preferences are taken into account. The purpose of AMT is to ensure that high-income individuals and entities pay a minimum amount of income tax, regardless of any tax breaks they may receive.

For example, let's say a wealthy individual has a lot of deductions and tax credits that reduce their taxable income to a very low amount. Without AMT, they might end up paying little or no income tax. However, with AMT, they would still have to pay a minimum amount of tax, even if it means losing some of their deductions and credits.

Another example would be a corporation that has a lot of tax breaks and loopholes that allow them to reduce their taxable income. AMT would ensure that they still pay a minimum amount of tax, even if it means losing some of those tax breaks.

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JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
Dkk
9:16
@renard99: Poetic and nice.
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