Rep. Charlie Rangel (D., N.Y.) introduced what he calls the "mother of all tax reforms" legislation in Congress today -- the Tax Reduction and Reform Act of 2007 -- with tax implications in the trillions of dollars. It's the biggest tax reform since 1986. It offers a tax cut for most Americans by increasing the standard deduction and doing away with the ever-burdensome alternative minimum tax (AMT). But conservatives like Rep. John Boehner (R., Ohio) charge that it's the "mother of all tax hikes." Who would the real winners and losers be if the proposed legislation passed? The legislation cuts taxes for a variety of groups. The two critical reforms in the bill are ending the AMT and providing a hefty reduction in the corporate tax rate. The AMT, which was created in 1969, was intended to ensure that the mega-wealthy were not able to dodge paying taxes, by enforcing a minimum level of taxation. There was one small problem. The legislation didn't include indexing for inflation, and as many as 23 million Americans will pay the AMT this year alone. Corporate America and tax advocates have been calling for lower corporate taxes to increase competitiveness with other industrialized nations. The current corporate rate stands at 35%. The effective rate is lower for some corporations after years of lobbying and the creation of loopholes. The proposed legislation would eliminate loopholes and lower the rate across the board to 30.5%.