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From the US
The mining tax, known as the AMT, has been the source of much political tension and is the source behind the closure of a number of coal mines in the state.
The AMT was enacted in the 1970s and was designed to reduce tax burdens on American families.
It was initially designed to help states with heavy reliance on coal for power generation.
But the tax has become a lightning rod for critics, who have argued it disproportionately impacts low-income and minority communities.
It’s also a point of contention between Democrats and Republicans, who argue the tax unfairly targets middle-class and low-earning families.
What are the AMTs?
The AMT is a regressive tax.
It applies to all income, not just the taxable income that falls on the individual, business or union side of the equation.
For instance, if you make $100,000, but your employer makes $150,000 and your union makes $500,000 each year, the AMTI is applied to $100 in taxable income instead of $150.
This means that if you earn $200,000 in taxable wages and your employer earns $350,000 that year, you would pay $200 in AMT instead of the $350 you would have received from the AM.
The exact formula varies, depending on your state, but the AMTS applies to taxable income between $200 and $400,000.
The amount of the AMTT is determined by the state, which sets its own minimum tax rate.
In the case of Alaska, it’s $300 per $100 of taxable income.
This makes it the most regressive AMT in the country.
What is the AMTA?