The exemptions

for 2001 will rise from the current $45,000 for the joint filer to $52,000,

per year, and for the single filer from $33,750 to $38,000. Married taxpayers

filing jointly will find their current exemption of $22,500 rising to

$26,000.

"When

President Bush outlined his tax package, he said he supported additional

tax code changes which could provide relief from the AMT," Collins

said. "AMTRA will simplify procedures for taxpayers and it will stop

an outdated item in the tax code from blocking tax relief the president

and Congress are working to provide wage earners."

The Joint Committee

on Taxation estimates that 1.5 million Americans will be subjected to

the individual AMT in 2001. The number of affected taxpayers will more

than double to 3.5 million in 2002 with inflation and the expiration of

certain provisions. The joint committee estimates 21 million taxpayers

may be forced to pay the AMT by 2011.

The committee

reports taxpayers will save $196 billion over 10 years if Congress adopts

Collins' legislation.