End of the AMT as we presently know it?

The President's tax reform panel recommended the abolishment of the present alternative minimum tax for individuals. The panel uniformly believed that the tax as presently construed affected too many taxpayers, especially middle-income taxpayers. More controversial were the issues of how to pay for the revenue loss of eliminating the AMT, whether an alternative approach should be put into play for very high income taxpayers and whether the corporate income tax should be eliminated.