Major tax hikes, by default, will hit if Congress doesn't act

If Congress fails to act, we Americans will pay the price. Unless Congress acts, the following tax increases will automatically occur for the following tax-years:

2008:

...The exemption for the Alternative Minimum Tax (AMT) will decrease from $44,350 to $33,750 for single filers and from $66,250 to $45,000 for married couples filing jointly.

...Taxpayers will not be allowed to deduct their state and federal general sales taxes from their federal income tax.

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