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Will anything happen to me if the AMT is not re-established before 2011?
Depending on your income, you may owe AMT instead of the taxes from the regular code.  Even if you don't do that, you may hit the place where you have to at least check if you owe AMT. As you probably know, AMT was established early on to catch the wealthiest of tax payers who were able to use various loop holes in the code to pay much less tax than one would expect.  Over time the limits on AMT have not risen with the rising wage gap, and AMT catches an increasing number of tax payers each year.  If the limit is not raised at all for 2010 then it will catch even more people this year.   AMT has worked it's way into the upper-middle class fairly solidly, especially if you exercise stock options whose strike price is significantly different than the current sale price.