The House Ways and Means Committee has passed a bill by a margin of 22 to 13 that would keep the Alternative Minimum Tax from spreading to more than 23 million families, which the full House is expected to debate this week.
The $77.8 billion bill, H.R. 3996, the Temporary Tax Relief Act of 2007, would ensure that no additional taxpayers would pay the AMT this year, while also extending popular tax credits and deductions that expire at the end of the year.
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