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Congress Passes 'Quick Fix' to the AMT

Summary:

Last week, Congress passed some much-needed tax relief involving the alternative minimum tax (AMT). The new tax legislation increases the exemption amounts for tax filers across-the-board and and allows them to use personal tax credits to offset AMT liabilities. It is expected to save more than 20 million people from paying AMT for the 2007 tax year. Here are the details.

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