Thursday, December 20, 2007

House FINALLY passes AMT fix

The House voted 352-64 to attach a one-year patch on the Alternative Minimum Tax. A number of Democrats, including Ways and Means chair Charles Rangel, were bitterly disappointed that "paygo" rules had to be suspended and that tax offsets were not included. Still at question is whether the IRS will be able to adjust its forms for the start of tax season; early refunds could be at risk of deferral.

While the patch was required; both Senate and House, Democrats and Republicans MUST find a way to develop a long-term solution. To keep the original intent, setting a level closer to $225,000 single, $300,000 MFJ and $150,000 MFS makes sense. To pay for this--how about a novel idea--a 1-3% decrease in discretionary SPENDING.


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