John Hall On Fixing AMT

The House will soon consider the Temporary Tax Relief Act of 2007, H.R. 3996, which would provide millions of middle-class families with tax cuts and help grow our economy without increasing the national debt. The Temporary Tax Relief Act will provide immediate tax relief for working families by preventing 23 million middle class families from paying higher taxes this April. The legislation also closes unfair tax loopholes that benefit Wall Street millionaires and cost middle class taxpayers billions. Rep. John Hall (NY-19) spoke in favor of fixing the AMT this morning on the floor:

Rep. John Hall:

If nothing is done soon, 27 million families across the country will be obligated to pay the alternative minimum tax, the AMT. Over 100,000 of these middle-class families live in New York's 19th district. They will have to go through the tedious process of computing their tax returns twice and they will end up having to pay thousands more than they otherwise would. The AMT is an unfair tax which in 1970, when it first took effect, only affected 155 households in the entire country. The people who pay it lose the opportunity to take many of the deductions and exemptions that makes the tax code friendlier to families. Under the AMT, it doesn't matter what money is spent on health care, on property tax or on education. Everyone pays the same amount of tax regardless. Tomorrow we will consider legislation to allow almost 73,000 — 73,000 of my constituents to escape the AMT. Millions of families today are in danger. Middle-class families being ensnared by a tax that was never intended to affect them.