Originally Posted by GoCats67

While true, the new threshold for when AMT starts hitting taxpayers is now much higher, because not only did the exemption level increase, but the phase out of those exemptions doesn't start until a much higher total earnings.

From CNN (not exactly Trump friendly):

"Only about 200,000 tax filers are expected to owe the AMT in 2018, dramatically fewer than the 5.25 million who likely would have under the old tax law, according to estimates from the Tax Policy Center.
The AMT is a parallel tax system that requires many filers to calculate their tax bill twice -- once under the rules of the regular income tax code and once under the rules of the AMT. Filers must pay whichever is higher.

The original intent of the AMT was to ensure that the wealthy few back in 1969 didn't take so many tax breaks that they ended up owing no federal income tax.
But today, those who've typically gotten snagged by the AMT include two-earner married couples with kids in high-tax states, and more generally, households making between $200,000 and $1 million.

The tax overhaul increases the exemption phaseout level -- which is the income level above which you gradually lose your income exemption, until it disappears completely. The phaseout levels were raised to $1 million for joint filers, up from $160,900; and to $500,000 for individuals, up from $120,700.

So a lot of households making between $200,000 and $1 million will now get to take full advantage of the exemption levels, whereas before they could not."



So, unless you are a single Widebody Captain flying your arse off, you will not be paying any AMT.

As a Widebody FO (Married with kids) I got hammered by it up to this point, but will not be subject to it (ie it will not affect my taxes) at all starting in 2018.

So, while he did not "get rid of it," like most people, I judge things based on the practical implications, so for 96% of us, he "got rid of it."

Now, I live in IL, so much of what AMT took away, the new tax code will take away as well. So, I won't get all of what the AMT took away, but I will still have a lower total tax bill than before!

The most important part to me is that at least the new tax law returned the AMT to its' original intent. Making 200k in 1969 was a whole different lifestyle than making 200k now!