Thursday, June 19, 2008

Ways & Means Committee Passes AMT Patch

Earlier in the day, the House of Representatives Ways & Means committee passed a new patch to the Alternative Minimum Tax (AMT). The final vote was 22-16, with mostly Democrats in favor of the patch designed to protect taxpayers from the unpopular tax.

"The measure would deliver this tax relief to middle-class families," claims committee chairman Charles Rangel, "without adding to the deficit and without forcing future generations to pay for the decisions we make today."

If the bill is fortunate enough to become legislation, it would provide $61.5 billion in AMT relief. The lost revenue would be made up in part by taxing carried interest at standard income rates instead of the 15% capital gains tax rate. For more information, check out House panel approves a paid-for AMT relief bill on Google news.

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