Another result of the patch can cut down an AMT liability even beyond these exemption figures.

FORBES: AMT Patch Nicely Embroidered

Moreover, ownership of unincorporated firms, which carries unlimited liability, was much more tightly linked to the exemption level than was the extent of corporate ownership.

ECONOMIST: Economics focus

In 1960 only 15% of federal income tax returns had a zero tax liability, due mostly to low taxable income, a standard deduction, the personal exemption, the dependent exemption, and the Earned Income Tax Credit (a direct subsidy to people for being poor).

FORBES: Representation Without Taxation - So Where's the Outrage?