6. How did the Tax Cuts and Jobs Act (TCJA) of 2017 affect the AMT?

The Tax Cuts and Jobs Act (TCJA) of 2017 made significant changes to the Alternative Minimum Tax (AMT) system. Here are the key effects of the TCJA on the AMT:1. **Increased AMT Exemption Amounts**: The TCJA increased the AMT exemption amounts for individuals and married couples filing jointly. This means that more taxpayers are now exempt from the AMT, reducing the number of people who are subject to this tax.2. **Increased Phase-Out Thresholds**: The TCJA also increased the phase-out thresholds for the AMT exemption amounts. This means that the AMT exemption amount is not phased out until a higher income level is reached, which further reduces the number of taxpayers who are subject to the AMT.3. **Repeal of Certain AMT Provisions**: The TCJA repealed certain provisions of the AMT, such as the deduction for state and local taxes (SALT) and the deduction for certain types of interest. These changes further reduced the AMT liability for many taxpayers.Overall, the TCJA made significant changes to the AMT system that resulted in a reduction in the number of taxpayers subject to the AMT and a decrease in the AMT liability for those who are subject to it.