About 20 million Americans—including many here in Texarkana and the surrounding area—face higher taxes this year if the House doesn’t take action.

On Tuesday, the Senate passed 93-2 a bill to give taxpayers a one-year reprieve from the alternative minimum tax.

The AMT was crafted in 1969 and took effect in 1970. It was designed to catch a very few rich individuals who managed to escape paying any tax at all.

Over the years, the numbers in the original legislation haven’t kept up with inflation. These days, the AMT doesn’t just catch the rich, but also ensnar...

Log-In to view full story or view our Registration Guide.