Sunday, January 14, 2007

AMT 3 little letters, 1 big tax headache

WASHINGTON -- Enacted in 1969 to stop rich people from avoiding federal taxation, the alternative minimum tax has morphed into a trillion-dollar economic and political monster as it ensnares millions more taxpayers.Ironically, the financial challenge presented by the tax is so big that the AMT could become the driving force for genuine federal tax reform in America over the next few years, many analysts believe.

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