AMT: House passes fix, Senate likely to kill.

AMT: House passes fix, Senate likely to kill.

The move is a protest of the recently passed Senate bill, which doesn't offer provisions to pay for the protection of 21 million from the 'wealth' tax.

By Jeanne Sahadi, CNNMoney.com senior writer

December 12 2007: 7:05 PM EST

... Bottom Line ...

Since 2001, Congress has temporarily increased income exemption levels. The last "patch" - for 2006 - put the exemption levels at $62,550 for joint filers and $42,250 for single filers. The bill passed by the House calls for an increase in those levels to $66,250 and $44,350, respectively.

Without a patch, the 2007 exemption amounts will fall to $45,000 for joint filers and $33,750 for single filers.