Okay, it's my pleasure to announce Jim Poterba, who is the chair of the Economics Department at MIT. Jim and I go back about 30 years. Before that, he was a Marshall fellow at Oxford when I spent a year there. So, I've known him for a long time and he's one of the world's experts on the US tax system, something near and dear to our hearts. When he was coming to California, he asked if he should talk about retirement or fiscal management in the government. I suggested that he talk about taxes because that's something everybody in California is very focused on these days. So, Jim's going to tell us about the AMT. Thank you. It's a tremendous pleasure to be with you this morning. What I would like to try to do is give you some insights on how tax policy economists think about the design of tax policy. I also want to discuss a specific tax planning problem that many of you may have, which is dealing with the pernicious Alternative Minimum Tax (AMT). I'll explain why it exists and what it does to your personal tax liabilities. I know the AMT, in various vintages, has been a bit of an irritant here in Silicon Valley. In the late 1990s, 2000, and 2001, there were issues about how option income was taxed under the AMT, which created a lot of problems for many people. Although we've moved beyond that, the AMT remains a fundamental challenge to tax policy design in the United States. This morning, I'll give you an overview of where the AMT came from, why we have this rather unusual tax, and what some of the current patterns of the AMT look like. I'll also discuss who pays it, how you end up paying it, why Californians...
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