CQ TODAY MIDDAY UPDATE
Dec. 18, 2007 – 2:04 p.m.
House Chairman Ready to Accept AMT Patch
House Ways and Means Chairman Charles B. Rangel said Tuesday he cares more about “patching” the alternative minimum tax than following the pay-as-you-go budget rule, signaling an end to a months-long standoff over a year-end tax bill.
The New York Democrat’s statement to reporters paved the way for the House to take up a Senate-passed bill that would prevent the AMT from hitting as many as 25 million taxpayers in 2007, up from 4 million last year.
The House has twice passed bills to prevent the AMT from extending its reach this year, while raising certain taxes — mostly on corporations, hedge fund managers and private equity executives — to offset the costs.
But resistance from Senate Republicans and President Bush doomed that effort. They argued that a bill that merely maintains the status quo, preventing a tax increase, should not require offsets.
The Blue Dog Coalition, a group of conservative House Democrats, has vowed to vote against any bill without offsets. But Rangel, who had backed their position until now, said, “I would rather get the people not hit by the AMT, then come back again” to resurrect pay-as-you-go rules on future bills.
It was still unclear when the House would vote on the bill.
Comments
If the problem with the original legislation creating the AMT was that it didn't index for inflation then the "fix" is to provide for indexing. Fixing the AMT is NOT killing it.
There's nothing wrong with the AMT...... Not if you're a Tax advocating Democrat. Shame on every Republican who refuses to deal with this tax. Shame on every Republican who has put pork in a bill. Shame on Ever Republican who has voted to increase the size of government over the past 7 years. Shame, shame, shame on my Republican party which has become the tax and spend party. I'm so disgusted. Who the hell do I vote for now that my party has become the king of pork, the king of government growth and the king of taxation? Shame!
Come on Charlie, don't you really think it's time to totally REPLACE the outdated and monstrous U.S Tax Code with a more fair tax system for all Americans? Patchworks and amendments are just temporary fixations!
So, Mister Charlie caves! Back in the 1980s Mister Charlie gave ian interview to The New York Times in which he denigrated the deduction for state and local income taxes because local towns would build tennis courts ans swimming pools with the money instead of his priorities, whatever they are. Now it seems that he and his friends are dependent on the government employee unions for campaign cash and votes. It all comes down to what Russell Long said in the 1950s--"Ah hear a lot about this hear so called 'tax reform' but it all comes down to 'Don't tax you and don't tax me, tax the fellow over there under the tree.'" If what Mister Charlie and his girlfriend Hillary want our money there had better be a lot of fellows under the tree because normal Americans will just say no to them, as they did in 1994.
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