The NBA Report

WASHINGTON - The House voted Wednesday to protect more than 20 million mostly upper-income taxpayers in danger of being slapped with a tax increase averaging $2,300 because of the alternative minimum tax.

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House panel approves a paid-for AMT relief bill - Yahoo! News

House panel approves a paid-for AMT relief bill

GOP Policy Blog » tax
… titled Alternative Minimum Tax. The AP … The House is scheduled to consider the Temporary Tax Relief Act … to pass a “clean” AMT patch. Tagged as: alternative minimum tax , tax …

ASSOCIATED PRESS WRITER. WASHINGTON — The ideological divide over tax relief got a little wider in Congress Wednesday as House Democrats … from the alternative minimum tax. The House …

… ideological divide over tax relief got a little wider in Congress Wednesday as House … shield taxpayers from the alternative minimum tax. … By JIM ABRAMS, Associated Press Writer …

House passes Democratic budget plan
House passes Democratic budget plan. By ANDREW TAYLOR ASSOCIATED PRESS WRITER … hit by the alternative minimum tax … credit, relief from the so-called marriage penalty, estate tax …

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GOP Policy Blog » alternative minimum tax
… titled Alternative Minimum Tax. The AP … The House is scheduled to consider the Temporary Tax Relief Act … to pass a “clean” AMT patch. Tagged as: alternative minimum tax , tax …

To help offset the cost, the bill more than doubles the 15 percent tax rate that many private equity and hedge fund managers pay on their profits. It passed 233-189 on a mostly party-line vote.

That offset, strongly opposed by tax-averse Republicans and facing resistance in the Senate, assured that Congress still faces a struggle as it tries to stave off the effects of the AMT for another year.

Times of india epaper

House Democrats, insisting that fixing the AMT must not add to the federal deficit, inserted about $61.5 billion in new revenues, much coming from making hedge fund managers and oil and gas companies pay more.

House passes tax shifting bill - Capitol Hill- msnbc.com
House passes tax shifting bill Measure would ease bite of alternative minimum tax for a year … in largely popular tax relief … Copyright 2007 The Associated Press. All …

House Passes Bill to Ease Alternative Minimum Tax - washingtonpost.com
… alternative minimum tax … alternative minimum tax with Rep. Richard Neal (D-Mass.), second from left, and House Majority Leader Steny Hoyer (D-Md.). (By Susan Walsh — Associated Press) … House Passes $80 Billion Tax Relief …

“If we are taking $61 billion out of the economy then we shouldn’t go to China and Japan and ask them once again to bail us out,” House Ways and Means Committee Chairman Charles Rangel, D-N.Y. said.

But the top Republican on that committee, Jim McCrery of Louisiana, said the legislation pointed out a clear difference between the two parties. “Republicans believe that Congress should not raise taxes on one group of taxpayers in order to prevent an increase on another set of taxpayers,” he said.

Without congressional action, the number of taxpayers swept up by the AMT could balloon from around 4 million to between 25 million to 30 million. The Bush administration estimates that 22 million would be newly exposed to the tax without a legislative patch. Citizens for Tax Justice says the average tax relief would be about $2,300, with about two-thirds going to taxpayers with incomes of $127,000 or more.

In the 2006 tax year, a few taxpayers with incomes as low as $40,000 were affected by the alternative minimum tax, according to figures kept

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