--- title: "Meaning & Key Takeaway of: The rationale for eliminating the…" description: "\"The rationale for eliminating the alternative minimum tax is that such a backup system should not be necessary if the tax code is fundamentally fair an..." image: "https://sms4smile.com/quotes/i/dc1/james-b-stewart-13507_escape_the-rationale-for-eliminating-the-altern_1430701.jpg" --- # The rationale for eliminating the alternative minimum tax… ![“The rationale for eliminating the alternative minimum tax is that such a backup system should not be necessary if the tax code is fundamentally fair and eliminates all the loopholes that made it possible for high-income taxpayers to escape taxation in the first place.” quote by James B. Stewart](https://sms4smile.com/quotes/i/dc1/james-b-stewart-13507_escape_the-rationale-for-eliminating-the-altern_1430701.jpg) [Download](https://sms4smile.com/quotes/i/dc1/james-b-stewart-13507_escape_the-rationale-for-eliminating-the-altern_1430701.jpg) [Open image](https://sms4smile.com/quotes/i/dc1/james-b-stewart-13507_escape_the-rationale-for-eliminating-the-altern_1430701.jpg) > “The rationale for eliminating the alternative minimum tax is that such a backup system should not be necessary if the tax code is fundamentally fair and eliminates all the loopholes that made it possible for high-income taxpayers to escape taxation in the first place.” [James B. Stewart](https://sms4smile.com/quotes/author/james-b-stewart/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. A fair tax system should not need a backup like the AMT, because loopholes would be closed and high earners would pay their share. **In simple terms:** Fair tax eliminates need for AMT. Key Takeaway Design tax code without loopholes. Themes tax policy fairness economics Mood analytical concerned Type policy explanatory When to use this quote - legislative reform - budget planning - public finance - tax compliance Key Concepts progressive taxation tax equity Questions to Reflect On - How can loopholes be identified and closed? - What incentives exist for policymakers? A Different Perspective Political resistance may stall reforms. ★ ★ ★ ★ ★ No ratings yet [Eliminates Loopholes](https://sms4smile.com/quotes/about/eliminates-loopholes-5093378/) [Eliminating Alternative](https://sms4smile.com/quotes/about/eliminating-alternative-5093380/) [Escape](https://sms4smile.com/quotes/about/escape/) [Escape Taxation](https://sms4smile.com/quotes/about/escape-taxation-3758989/) [First place](https://sms4smile.com/quotes/about/first-place/) [Minimum Tax](https://sms4smile.com/quotes/about/minimum-tax-771358/) [Place](https://sms4smile.com/quotes/about/place/) [Possible](https://sms4smile.com/quotes/about/possible/) [Programming](https://sms4smile.com/quotes/about/programming/) [Rationale Eliminating](https://sms4smile.com/quotes/about/rationale-eliminating-5093379/) [System](https://sms4smile.com/quotes/about/system/) [Tax](https://sms4smile.com/quotes/about/tax/) [Taxes](https://sms4smile.com/quotes/about/taxes/) ## Related quotes > [Capital goes to where it can escape taxation and be used to pay employees in sacks of rice.](https://sms4smile.com/quotes/walter-wriston/capital-goes-to-where-it-can-escape-taxation-and-be-used-to-pay/) [Walter Wriston](https://sms4smile.com/quotes/author/walter-wriston/) > [Trump himself stands to benefit dramatically from the tax cuts. One of the things they're cutting is the alternative minimum tax. Last time we…](https://sms4smile.com/quotes/keith-ellison/trump-himself-stands-to-benefit-dramatically-from-the-tax-cuts-one-of/) [Keith Ellison](https://sms4smile.com/quotes/author/keith-ellison/) > [Let me announce this to the American people tonight one of the best things about this debate, as a Democrat from Massachusetts, I have…](https://sms4smile.com/quotes/richard-neal/let-me-announce-this-to-the-american-people-tonight-one-of-the-best/) [Richard Neal](https://sms4smile.com/quotes/author/richard-neal/) > [The alternative minimum tax was designed to prevent the very wealthiest Americans from overusing certain tax benefits to avoid most of their tax burden.](https://sms4smile.com/quotes/richard-neal/the-alternative-minimum-tax-was-designed-to-prevent-the-very/) [Richard Neal](https://sms4smile.com/quotes/author/richard-neal/) > [The Joint Committee on Taxation estimated that in 2016, the corporate income tax raised $300 billion in revenue, while what it called 'targeted subsidies'…](https://sms4smile.com/quotes/james-b-stewart/the-joint-committee-on-taxation-estimated-that-in-2016-the-corporate/) [James B. Stewart](https://sms4smile.com/quotes/author/james-b-stewart/) > [From what little is known of Mr. Trump's tax returns, he used losses to offset virtually all of his taxable income for years by…](https://sms4smile.com/quotes/james-b-stewart/from-what-little-is-known-of-mr-trump-s-tax-returns-he-used-losses-to/) [James B. Stewart](https://sms4smile.com/quotes/author/james-b-stewart/) > [Most European countries fund their low corporate taxes with some form of a value-added tax, on consumption rather than income.](https://sms4smile.com/quotes/james-b-stewart/most-european-countries-fund-their-low-corporate-taxes-with-some-form/) [James B. Stewart](https://sms4smile.com/quotes/author/james-b-stewart/) > [Advocates of a tax overhaul often point to the 1986 act as a model for a comprehensive approach that ushered in a long period…](https://sms4smile.com/quotes/james-b-stewart/advocates-of-a-tax-overhaul-often-point-to-the-1986-act-as-a-model/) [James B. Stewart](https://sms4smile.com/quotes/author/james-b-stewart/) > [Almost everyone agrees that corporate tax rates need to be cut because of global competition. Companies should not be able to stash earnings overseas…](https://sms4smile.com/quotes/james-b-stewart/almost-everyone-agrees-that-corporate-tax-rates-need-to-be-cut/) [James B. Stewart](https://sms4smile.com/quotes/author/james-b-stewart/) > [The A.M.T. is much reviled by tax experts across the political spectrum for its unintended consequences and fiendish complexity.](https://sms4smile.com/quotes/james-b-stewart/the-a-m-t-is-much-reviled-by-tax-experts-across-the-political/) [James B. Stewart](https://sms4smile.com/quotes/author/james-b-stewart/) > [I think we should have basically the same tax policy that Germany, Japan, the U.K., everybody else has, which is a tax rate in…](https://sms4smile.com/quotes/jeffrey-r-immelt/i-think-we-should-have-basically-the-same-tax-policy-that-germany/) [Jeffrey R. Immelt](https://sms4smile.com/quotes/author/jeffrey-r-immelt/) > [I don't think we should reduce the corporate tax rate.](https://sms4smile.com/quotes/zephyr-teachout/i-don-t-think-we-should-reduce-the-corporate-tax-rate/) [Zephyr Teachout](https://sms4smile.com/quotes/author/zephyr-teachout/) > [Since FDR's New Deal, corporations and wealthy families have been non-stop finding new ways to get tax breaks, deregulation and entitlements from the government.](https://sms4smile.com/quotes/adam-mckay/since-fdr-s-new-deal-corporations-and-wealthy-families-have-been-non/) [Adam McKay](https://sms4smile.com/quotes/author/adam-mckay/) > [The position is clear - there is no ambiguity in Sinn Fein's position. We, along with all the other parties, have signed up to…](https://sms4smile.com/quotes/martin-mcguinness/the-position-is-clear-there-is-no-ambiguity-in-sinn-fein-s-position/) [Martin McGuinness](https://sms4smile.com/quotes/author/martin-mcguinness/) > [Unmarried couples should get married - that's an excellent tax avoidance measure, if a bit drastic.](https://sms4smile.com/quotes/john-whiting/unmarried-couples-should-get-married-that-s-an-excellent-tax/) [John Whiting](https://sms4smile.com/quotes/author/john-whiting/) ## More by James B. Stewart > [Amazon and Snap both have stories that are compelling for many investors: Amazon has transformed retailing and is destined to dominate it. Snap is…](https://sms4smile.com/quotes/james-b-stewart/amazon-and-snap-both-have-stories-that-are-compelling-for-many/) [James B. Stewart](https://sms4smile.com/quotes/author/james-b-stewart/) > [The A.M.T. is much reviled by tax experts across the political spectrum for its unintended consequences and fiendish complexity.](https://sms4smile.com/quotes/james-b-stewart/the-a-m-t-is-much-reviled-by-tax-experts-across-the-political/) [James B. Stewart](https://sms4smile.com/quotes/author/james-b-stewart/) > [Almost everyone agrees that corporate tax rates need to be cut because of global competition. Companies should not be able to stash earnings overseas…](https://sms4smile.com/quotes/james-b-stewart/almost-everyone-agrees-that-corporate-tax-rates-need-to-be-cut/) [James B. 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Stewart](https://sms4smile.com/quotes/author/james-b-stewart/) > [Advocates of a tax overhaul often point to the 1986 act as a model for a comprehensive approach that ushered in a long period…](https://sms4smile.com/quotes/james-b-stewart/advocates-of-a-tax-overhaul-often-point-to-the-1986-act-as-a-model/) [James B. Stewart](https://sms4smile.com/quotes/author/james-b-stewart/) > [As in many cities, Uber has disrupted powerful interests in London, starting with the drivers of black cabs, who trace their lineage to 1634,…](https://sms4smile.com/quotes/james-b-stewart/as-in-many-cities-uber-has-disrupted-powerful-interests-in-london/) [James B. Stewart](https://sms4smile.com/quotes/author/james-b-stewart/) > [I'm hardly a smartphone addict. I rarely look at social media.](https://sms4smile.com/quotes/james-b-stewart/i-m-hardly-a-smartphone-addict-i-rarely-look-at-social-media/) [James B. Stewart](https://sms4smile.com/quotes/author/james-b-stewart/) > [Republicans seem to be gambling that most Americans won't care about a few rich private equity managers if their own taxes go down, their…](https://sms4smile.com/quotes/james-b-stewart/republicans-seem-to-be-gambling-that-most-americans-won-t-care-about/) [James B. Stewart](https://sms4smile.com/quotes/author/james-b-stewart/) > [The idea that content is king has long rested on the notion that distribution - in whatever form it takes - is a low-margin…](https://sms4smile.com/quotes/james-b-stewart/the-idea-that-content-is-king-has-long-rested-on-the-notion-that/) [James B. Stewart](https://sms4smile.com/quotes/author/james-b-stewart/) > [Like or loathe Donald J. Trump, you have to give him this: He's done more to shine a spotlight on the loopholes and fundamental…](https://sms4smile.com/quotes/james-b-stewart/like-or-loathe-donald-j-trump-you-have-to-give-him-this-he-s-done/) [James B. 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After the last major overhaul of the tax code, in 1986 - under a…](https://sms4smile.com/quotes/james-b-stewart/the-real-estate-lobby-has-prominent-allies-in-both-parties-after-the/) [James B. Stewart](https://sms4smile.com/quotes/author/james-b-stewart/) > [It's often said that the most important qualities in a chief executive are character and judgment.](https://sms4smile.com/quotes/james-b-stewart/it-s-often-said-that-the-most-important-qualities-in-a-chief/) [James B. Stewart](https://sms4smile.com/quotes/author/james-b-stewart/) [Explore all 50 James B. Stewart quotes ](https://sms4smile.com/quotes/author/james-b-stewart/) ## More Escape quotes > [With multiplayer, permanent death, and an ever-changing world to explore and conquer, 'A Valley Without Wind' might be the place you're looking for if…](https://sms4smile.com/quotes/rob-manuel/with-multiplayer-permanent-death-and-an-ever-changing-world-to/) [Rob Manuel](https://sms4smile.com/quotes/author/rob-manuel/) > [Growing up in Iceland, it was very beautiful, very safe, but quite isolated. There was something about jazz music that had a way of…](https://sms4smile.com/quotes/laufey/growing-up-in-iceland-it-was-very-beautiful-very-safe-but-quite/) [Laufey](https://sms4smile.com/quotes/author/laufey/) > [“Those who contemplate never escape the doubt.”](https://sms4smile.com/quotes/henning-mankell/those-who-contemplate-never-escape-the-doubt/) [Henning Mankell](https://sms4smile.com/quotes/author/henning-mankell/) > [“Then from those profound slumbers we awake in a dawn, not knowing who we are, being nobody, newly born, ready for anything, the brain…](https://sms4smile.com/quotes/marcel-proust/then-from-those-profound-slumbers-we-awake-in-a-dawn-not-knowing-who/) [Marcel Proust](https://sms4smile.com/quotes/author/marcel-proust/) > [I think my attitudes about the past are very traditional. You can't ignore history; you can't escape it even if you want to. You…](https://sms4smile.com/quotes/frank-gehry/i-think-my-attitudes-about-the-past-are-very-traditional-you-can-t/) [Frank Gehry](https://sms4smile.com/quotes/author/frank-gehry/) > [Music and sleep are two of the greatest ways to escape from everything.](https://sms4smile.com/quotes/anonymous/music-and-sleep-are-two-of-the-greatest-ways-to-escape-from-everything/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [“Music is my escape from all the problems in life.”](https://sms4smile.com/quotes/kailin-cui/music-is-my-escape-from-all-the-problems-in-life/) [Kailin Cui](https://sms4smile.com/quotes/author/kailin-cui/) > [Wherever you escape, the truth will find you! 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