The New York State Society of CPAs has offered its own solution for the problem of the expanding alternative minimum tax, as the issue continues to get debated in Washington.

Last week, Rep. Charles Rangel, D-N.Y., chairman of the House Ways and Means Committee, issued a proposal for repealing the AMT while raising taxes elsewhere to compensate (see Rangel Unveils Tax Overhaul Bill). The proposal quickly attracted a storm of criticism from the other side of the aisle and even from some Democrats.

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