In a tax code with no shortage of ironies, the alternative minimum tax (AMT) stands out. Created by Congress in 1969, it was aimed at millionaires, but relatively few millionaires pay it. It is billed as a low-rate levy, but most of its victims face higher taxes because of it. It undermines two widely lauded reforms of the income tax — restoring both bracket creep and the marriage penalty. And though nobody favors keeping this Frankenstein alive, it will be very difficult to kill. Welcome to the tax policy twilight zone.

Today’s Current Mortgage Interest Rates October 26 2007. Fixed mortgage rates are UNCHANGED from Thursday October 25 2007, while adjustable mortgage rates are UNCHANGED – Today’s 30 Year, 15 Year Fixed are UNCHANGED- while as the 5/1, the 3/1 ARM Mortgage Interest Rates are UNCHANGED as well . The 10 year bond is UP slightly to 4.40%.

October 26 2007 New York State Mortgage Rates – the 30 Year Fixed Mortgage Rate UNCHANGED, 15 Year Fixed Mortgage Rate Average UNCHANGED, Adjustable rate mortgages 3/1 UNCHANGED, 5/1 UNCHANGED from Thursday October 25th 2007.