Labeling it the “Mother of all Tax Reforms,” Rep. Charles Rangel, D-N.Y., chairman of the House Ways and Means Committee, has introduced a bill aimed at repealing the alternative minimum tax and cutting the top corporate tax rate while raising taxes in other areas, including on the salaries of hedge fund and private equity fund managers.The $1 trillion plan would reduce the top corporate rate from its current 35 percent to 30.5 percent.

Rangel does not expect the legislation, known as the Tax Reduction and Reform Act of 2007, to be voted on until next year, but he hopes to soon pass a stopgap measure to keep the AMT from spreading to 21 million more American taxpayers this year.

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