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Does anyone know if any of the pending tax reform legislation in Congress is going to reform the current AMT rules?

This Thursday's New York Times had a short article that touched on AMT, "Moving Simplification of the Tax Code Toward the Front Burner" <>. (Free registration required to read the full article, a charge applies to access articles two weeks after their publication date.)

Evidently the Senate Finance Committee held hearings Thursday on the idea of "tax simplification" for individuals. Ideas the NYTimes writer attributed to "tax experts" as ripe areas for reform were: ease the rules defining family status or tax individuals instead of families, revise the alternative minimum tax so it again applies to the rich instead of the middle class, eliminate all but one of the rules that phase out tax breaks as income rises, and replace the complicated form used to report capital gains with a single line on tax returns.

So it is certainly not the case that any legislation already drafted would "reform" AMT. Any comprehensive revisions will take months to work out, if they happen at all. Time will tell.

Phooley in Phoenix
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