Summary
Rep. Charles Rangel, D-N.Y., chairman of the House Ways and Means Committee, wants to "rearrange" your taxes for 2007.
A major part of that rearrangement process will be substantial modifications in the parallel tax system known as the Alternative Minimum Tax, or AMT. Originally designed in 1969 as a tax on the wealthy, the unintended consequence of the convoluted AMT system is to tax more middle-income families.See the full content of this document
Extract
Proposed Tax Changes for 2007
Outright repeal of the AMT would cost the federal government an estimated $1.7 trillion over the next decade. In lieu of outr...
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