No sooner was House Ways and Means Committee Chairman Charles Rangel's proposal for overhauling the alternative minimum tax released than it was pronounced "dead on arrival."
Rangel, D-N.Y., hopes to get Congress to consider his Tax Code overhaul, known as the Tax Reduction and Reform Act of 2007, by next year while first passing a temporary fix for the AMT before it mushrooms by another 20 million taxpayers. But so far the prospects are not looking too good for his proposals.
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