Congress Raises AMT Exemption

As Ilyce mentioned on the Clark Howard Show, Congress passed the annual fix to the alternative minimum tax.

Congress raised the AMT exemption to $66,250 for tax year 2007.

The AMT, originally created to keep the ultra rich from averting tax liability, has been affecting the middle and upper-middle class Americans in recent years.

National Public Radio offers a nice AMT synopsis on its web site:http://www.npr.org/templates/story/story.php?storyId=7789557

You can check out other AMT articles as well:

http://www.bloomberg.com/apps/news?pid=20601087&sid=aMm3cS9FNw0U&refer=home

money.cnn.com/2007/12/19/pf/taxes/amt_vote_walkup/?postversion=2007121916

Dec. 20, 2007