The President's tax advisory panel suggests getting rid of the Alternative Minimum Tax (AMT). But you could wind up paying more taxes as a result.
The AMT was set up to guarantee that everyone paid some taxes -- even if they had a lot of deductions. But as incomes have risen, more Americans may be drawn into the AMT.
So the panel wants to kill it off. At the same time, analysts worry the plan will involve a trade -- to kill off the AMT, you'd have to lose your state and local income tax deductions.
Nothing's free. (Bloomberg)