The Office of the Parliamentary Budget Officer or PBO, recently released a report on the Changes to the Alternative Minimum Tax as Proposed in Budget 2023. [PDF] For those interested in the topic of taxation, it is an interesting report. It does not really discuss the impact of these changes on charities and specifically donations of marketable securities. We have dealt with that in an earlier blog. Perhaps the PBO will do additional reports on this topic as it relates to charities, but also more generally on the donation tax credit.
The PBO notes that the “net revenue from these changes will be $2.6 billion over five years. The majority would come from individual taxpayers rather than from trusts.” It does not seem like such a large amount of extra revenue, but I guess it will do a small amount to increase taxes on those who can afford to pay them. It does appear that the number of people that will be affected by the AMT under the new rules is significantly lower and goes from an estimate of 69,234 to 25,693.