AMT Next on Chopping Block?

In an idea that seems to have bipartisan support, Sens. Grassley (R-IA) and Baucus (D-MT), plan to introduce legislation this year that would repeal the AMT.

If Congress fails to act, the number of taxpayers paying the AMT will jump from more than 3 million this year to about 20 million in 2006 as temporary AMT relief expires at the end of this year. About 75 percent of them will have incomes between $100,000 and $200,000.

The number of taxpayers paying the AMT is expected to grow to roughly 35 million by the end of the decade.

Rossputin calls the tax the Frankenstein of the tax code. Maybe now Congress can actually get some of Bush's agenda through (though I'm not counting on it).