Senators Max Baucus (D-Mont.) and Charles Grassley (R-Iowa), incoming and outgoing Chairs of the Senate Finance Committee, yesterday introduced The Individual Alternative Minimum Tax Repeal Act of 2007:
I hope this results of a real repeal of a tax and not another "soak the rich" scam.
The Wall Street Journal reported today that it would be a complete repeal. Of course, this will probably be a revenue-neutral move — they will probably raise taxes in some other area to keep taking from us.