Changes to the Alternative Minimum Tax as Proposed in Budget 2023
This report estimates the impact of changes to the Alternative Minimum Tax (AMT) proposed in Budget 2023.
Some high-earning individuals and trusts have enough tax credits, deductions and other tax incentives that their income tax as a percentage of their income is lower than that of other taxpayers. The AMT aims to ensure that higher-income taxpayers pay at least a base rate of tax. Budget 2023 proposed changes to the AMT that would make the highest-income earners pay a greater proportion of the total AMT revenue.