The House Democrats' AMT Pitch
Creating More Tax Uncertainty
Repeating last year’s failed attempt to raise taxes, House Democrats are scheduled, once again, to bring up another alternative minimum tax [AMT] bill that needlessly raises taxes on the U.S. economy under the guise of AMT “relief.” Instead of simply adopting a straightforward AMT patch (without offsets), the House Majority will demand the $61.5-billion tax increase that the unintended expansion of the AMT would raise. (Absent an AMT patch, millions of Americans would face an unexpected and unintended average tax hike of more than $2,000.)
The AMT Relief Act of 2008 (H.R. 6275) merely shifts this tax hike to American businesses, to the detriment of the overall economy. Thus the Democrats continue to create tax uncertainty with an approach they tried, and were forced to abandon, last year.
Read the full report here.