Congress responded to President Bush’s call for dramatic tax cuts with a package centered around across-the-board tax rate reductions, including an immediate rebate.  It eliminated the phase-out of personal exemptions and the 3% reduction of itemized deductions for high-income taxpayers.
	For families, Congress added a 10% tax bracket,  provided a more generous 15% tax bracket and a higher standard deduction for married couples, increased the child credit to $1,000, and expanded a number of education incentives.
	With the new Act, taxpayers will receive minor relief from AMT and without a change in the AMT Rules and  more taxpayers will likely be subject to AMT Taxes with the reduction in marginal rates.