Timothy L. O'Brien, Columnist

Surprise! Trump Could Save Millions From GOP Tax Plan

His biggest known tax bill was due to the alternative minimum tax, which is now on the chopping block.

November 2, 2017 at 3:46 PM UTC

Timothy L. O'Brien is senior executive editor of Bloomberg Opinion. A former editor and reporter for the New York Times, he is author of “TrumpNation: The Art of Being the Donald.”

Hail to the chief.
Photographer: Sara D. Davis/Getty Images

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Republicans, pushed along by President Donald Trump, have a new tax plan they're unveiling in Washington on Thursday. Among the various proposals in the plan is the elimination of the alternative minimum tax, or the AMT.

The AMT was rolled out almost 40 years ago to make sure that wealthy Americans couldn't take advantage of lots of deductions and credits that allowed them to end up paying next to nothing in federal income taxes. That cohort of wealthy Americans has always included taxpayers like the president.