S. 2432 would amend the Internal Revenue Code of 1986 to provide alternative minimum tax relief for 2007 and to provide special tax rates for certain capital grains and qualified dividend income for 2007.

== Detailed Summary ==

<summary>
(Log inAMT Equity Act of 2007 - Amends the Internal Revenue Code to editextend through 2007: (1) the wikioffset of nonrefundable personal tax credits against regular and bealternative minimum tax (AMT) liability; and (2) the first to provide a detailed summaryincreased AMT exemption amounts. Repeals, for taxable years beginning in 2007, the AMT for individual taxpayers whose adjusted gross income does not exceed $100,000 ($200,000 in the case of a joint return).

Imposes, for taxable years beginning in 2007, a graduated increase in capital gains tax rates for any individual taxpayer whose adjusted gross income exceeds $1 million ($2 million in the bill!)case of a joint return). Exempts such a taxpayer from any estimated tax penalties resulting from an increase in capital gains tax rates in 2007.
</summary>

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== Status of the Legislation ==

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Latest Major Action: 12/6/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
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== Points in Favor ==

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== Points Against ==

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