The President's Advisory Panel on Tax Reform met yesterday in their first gathering where they discussed reform proposals instead of actually hearing testimony from witnesses. At the meeting they revealed their first recommendation on changing the tax code: repeal of the alternative minimum tax. The panel came to their consensus to recommend repealing the AMT, however now they will have to find a way to replace the more than $1.2 trillion the Treasury expected to collect from the tax over the next ten years. The AMT affects 4 million families this year but since it doesn't change with inflation, is expected to hit more than 51 million families in ten years from now. For more, click here.