We (U.S.) should revisit the Alternate Minimum Tax. The whole idea was to mitigate excessive deductions for the wealthy by earablishing a more straightforward way of calculating that their tax must at least match the minimum. I believe it even worked for a few years.
AMT was not indexed for inflation so affects more people every year with inflation , not just the wealthy
there are still too many loopholes so “money finds a way”
We (U.S.) should revisit the Alternate Minimum Tax. The whole idea was to mitigate excessive deductions for the wealthy by earablishing a more straightforward way of calculating that their tax must at least match the minimum. I believe it even worked for a few years.