(There is no link to this report.)

What happens if the tax cut bill is not passed by Jan. 1? According to Alice Abreu of Temple's Beasley School of Law, the worst possible scenario is for Congress to do nothing. "If Congress does nothing, the clock turns back to 2001. The Alternative Minimum Tax, if nothing is done, will hit over 21 million households. The Alternative Minimum Tax is a tax that is in addition to the regular tax — you lose a lot of your deductions, you lose deductions for all of your dependents and for state and local taxes."