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.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access