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House Passes 1-Year Alternative Minimum Tax Fix, Bill Heads to White House
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| Contributor | RP |
| Last Edited | RP Dec 19, 2007 06:05pm |
| Category | Proposed Legislation |
| News Date | Dec 19, 2007 06:00pm |
| Description | The House on Wednesday passed a one-year fix to the alternative minimum tax, preventing some 20 million more U.S. taxpayers from being subject to a tax hike, but the measure did not find ways to pay for the estimated $50 billion in lost revenues created by the patch.
The bill passed on a vote of 352-64, and now heads to President Bush's desk for his signature, and he has indicated he would sign it.
Earlier Wednesday, a key House bloc of fiscally conservative Democrats — who were angered over the handling of legislation to fix the AMT — backed off its threat to hold Congress hostage over the winter break, giving the bill a needed boost.
The version the House passed had cleared the Senate Tuesday night. The tax initially was aimed at the richest Americans but was not pegged for inflation, so it has steadily included more and more taxpayers. Without a permanent change to the law, Congress must act every year to stem the AMT's creep into more tax filings. |
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