There is a new bill causing a stir in many circles. The bill is “H.R. 3970 Tax Reduction and Reform Act of 2007.” One change the bill calls for is the repeal of the Alternative Minimum Tax. To many individuals this is good news, which will result in a lower tax bill. However, as we have seen in the past congress doesn’t give without taking. In addition to the repeal of the AMT the bill is also calling for a 4% to 4.6% replacement tax for individuals earning over $500,000 ($250,000 for single taxpayers).
Repealing AMT is just one of the many facets of this bill. There are numerous other changes the bill proposes which will help and hurt depending on your tax situation.
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