Wednesday, December 19, 2007

Congress saves millions from AMT tax

The House of Representatives voted on Wednesday to spare millions of Americans who do not consider themselves rich from being ensnared in a tax device originally designed for people who really are.
By 352 to 64, the House voted to shield about 21 million or so Americans from being hit by the alternative minimum tax when they file their returns for 2007. The measure providing for a one-year stay on the A.M.T. now goes to President Bush, who has said he will sign it.
Passage of the legislation is good news to those taxpayers who would have had to pay an extra $2,000 or so a person. It is safe to say that no politician, Republican or Democrat, wanted to adjourn for the holiday season without doing something about the A.M.T.
Still, the step was taken in a way quite distasteful to fiscally conservative Democrats. They had insisted that any tax cut had to be offset by a corresponding revenue increase or spending cut, to avoid adding to the national debt. House Democratic leaders had called for making up the $50 billion that the A.M.T. would provide the national coffers by closing various tax loopholes elsewhere.


the sad part is the President forced them into passing this 50 billion onto our children and grandchildren along with the other 5 trillion dollars he and the Republican party has spent over the past 7 years. Why pay for it when you can pass it down to our grand children.

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