Senate Leaders Vow Attack on AMT

Key Senate Finance Committee members Max Baucus (D-MT) and Charles Grassley (R-IA) have introduced legislation to repeal the alternative minimum tax. Similar legislation was unsuccessfully attempted last year, but both believe that the elimination of the AMT is an important step in middle-income tax relief. At the moment, only annual adjustments of AMT exemptions keep the AMT from affecting large numbers of American taxpayers.

Good luck to the Senators in their efforts; at the VERY least, a large enough patch to last several years is needed to avoid last-minute legislation and the associated stress for tax preparers.