Even if the Bush tax cuts for the wealthy — those making over $250,000 a year — are taken away, it doesn’t necessarily mean the richest will be paying more, according to one tax expert.
“People have not understood the effects of the Alternative Minimum Tax here,” said Andrew Friedman, a former partner at law firm Covington & Burling, during an interview on CNBC.
He said that those who have qualified for and have been paying the Alternative Minimum Tax previously, but will no longer qualify for it after the Bush tax cuts are expired, could get a credit for the alternative tax that they have paid over the years.