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:

You can check out other AMT articles as well:

Dec. 20, 2007