Monday, September 10, 2007


Today’s CCH daily email tax newsletter reports “Rangel Says AMT Elimination, Tax Relief on Fall Agenda”.
According to the article, “A multi-billion dollar tax bill that includes provisions to eliminate the alternative minimum tax (AMT), expand the earned income tax credit (EITC) and increase the child tax credit is currently in the planning stages, according to House Ways and Means Committee Chairman Charles B. Rangel, D-N.Y. Speaking at a wide-ranging press conference on September 7, Rangel told reporters that the revenue-neutral bill would likely cost $800 billion for AMT relief and at least another $250 billion for other middle-class tax relief provisions. Rangel added that he hopes the legislation will be considered by the House by the end of 2007.”
The article further reports that “A second, faster track tax bill could likely include provisions to help homeowners who are currently facing foreclosure during the current mortgage crisis, Rangel noted. He added that lawmakers will be drafting legislation to allow taxpayers who have lost their homes to sidestep taxation on cancellation of debt income.”
Guys, don't wait until the last minute to act on the AMT!
Kay Bell of DON’T MESS WITH TAXES discusses this item in detail in her postingMother of All Tax Reforms”.
I will keep you informed as developments occur.

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