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:
Dec. 20, 2007