AMT exemptions raised

What a relief! I was under the impression that the AMT exemption amount would revert to the pre-2004 levels (about $33k for single filers, etc.). But a quick search on the Web yieled two articles (here and here) that seem to indicate that Congress has “acted” and, in fact, raised the levels to $42,500 for the single filing status. But the pernicious phase-out stays, with the same starting income level of $112,500.

I have been using TaxCut for five years; this will be my sixth year of using it. The 2006 version has just been released recently, and I have purchased and downloaded it. It appears, though, that its 6251 form still has the old exemption levels.

Congress should get rid of the AMT. It just makes tax planning impossible.