ATM TAX TO INFLICT 23 MILLION HOUSEHOLDS

Alternative Minimum Tax is going to hit an approximately 23 million households next spring (Spring 2008), up 19 million from 2007 figures of 4 million households. In 1969, Congress created this tax instrument to prevent rich families from dodging taxes. However, it was never indexed to inflation. In 2000, AMT hit 1.3 million taxpayers.