Floyd Norris: Bush's Tax Shuffle The alternative tax is supposed to hit the rich. It forces taxpayers with substantial deductions to compute their tax bill twice. First they do it the regular way, and then they calculate it again, and apply a lower tax rate, without being able to take advantage of a substantial number of exemptions. Then, they pay whichever tax is higher. The new tax law promises higher deductions late in this decade. Married couples will get a bigger deduction, and higher-income taxpayers will get a larger standard deduction. But those deductions don't count for the alternative tax. Tens of millions of taxpayers will see their savings largely vanish after the alternative tax kicks in. The tax-bill writers understood this, and even threw in a provision to reduce the impact � up until the next presidential election. As a result, the official estimate is that the number of taxpayers paying the alternative minimum tax in 2004 will be 5.3 million, up from 1.4 million this year but fewer than the 5.6 million who would have paid it under the old law. http://www.nytimes.com/2001/06/01/business/01NORR.html?pagewanted=all