The Senate Finance Committee proposed a new tax bill that seeks to prevent the alternative minimum tax from spreading to more taxpayers next tax season.
The bill, sponsored by committee Chairman Max Baucus (right), D-Mont., and ranking member Chuck Grassley (left), R-Iowa, increases the AMT exemption amount to $46,200 for individuals and $69,950 for joint filers. It allows the use of personal credits to keep taxpayers who don't currently pay the AMT from being snared by the tax.
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