BONO MACK: HARDWORKING AMERICANS DESERVE AMT RELIEF
California Political Desk
September 25, 2008
WASHINGTON, D.C. – In an effort to keep millions of American taxpayers from paying higher taxes on their 2008 income, Congresswoman Mary Bono Mack (CA-45) voted in favor of a one year extension on alternative minimum tax (AMT) relief (H.R. 7005). This legislation passed this evening by a vote of 393-30.
"American families desperately need relief during today´s tough economic times," said Bono Mack. "This bill helps ensure that over 25 million hardworking Americans won´t pay more than they should on their 2008 incomes. I commend House leadership for moving forward a clean AMT fix in a bipartisan, timely manner, and I am pleased that America´s working families know that their 2008 incomes are safe from the unfair AMT."
Congresswoman Bono Mack has long been a proponent of permanent relief for Americans from the AMT. Bono Mack has joined over fifty of her colleagues in sponsoring the Individual AMT Repeal Act of 2007 (H.R. 1366), in addition to several related bills to protect Americans from paying the AMT on their 2007 incomes (H.R.3818, H.R. 1112).
"While I fully support this legislation, it is only a temporary fix," said Bono Mack. "We need to work to provide permanent relief from the AMT. Americans deserve to know that keeping their hard-earned money isn´t going to depend on an act of Congress each year."
BACKGROUND: The AMT was created in 1969 to ensure that higher-income individuals and families did not utilize the tax code to unfairly avoid tax liability. It serves as a companion tax to the regular income tax. The AMT rates and exemptions, however, have never been properly indexed for inflation, resulting in more and more middle-income earners becoming subject to the AMT.
According to the Congressional Research Service, the AMT impacted fewer than 20,000 taxpayers when first implemented. In 2006, 4.1 million taxpayers were subject to the AMT, and according to the Joint Committee on Taxation, in 2008, the AMT will affect over 25.7 million taxpayers unless legislative action is taken.
"American families desperately need relief during today´s tough economic times," said Bono Mack. "This bill helps ensure that over 25 million hardworking Americans won´t pay more than they should on their 2008 incomes. I commend House leadership for moving forward a clean AMT fix in a bipartisan, timely manner, and I am pleased that America´s working families know that their 2008 incomes are safe from the unfair AMT."
Congresswoman Bono Mack has long been a proponent of permanent relief for Americans from the AMT. Bono Mack has joined over fifty of her colleagues in sponsoring the Individual AMT Repeal Act of 2007 (H.R. 1366), in addition to several related bills to protect Americans from paying the AMT on their 2007 incomes (H.R.3818, H.R. 1112).
"While I fully support this legislation, it is only a temporary fix," said Bono Mack. "We need to work to provide permanent relief from the AMT. Americans deserve to know that keeping their hard-earned money isn´t going to depend on an act of Congress each year."
BACKGROUND: The AMT was created in 1969 to ensure that higher-income individuals and families did not utilize the tax code to unfairly avoid tax liability. It serves as a companion tax to the regular income tax. The AMT rates and exemptions, however, have never been properly indexed for inflation, resulting in more and more middle-income earners becoming subject to the AMT.
According to the Congressional Research Service, the AMT impacted fewer than 20,000 taxpayers when first implemented. In 2006, 4.1 million taxpayers were subject to the AMT, and according to the Joint Committee on Taxation, in 2008, the AMT will affect over 25.7 million taxpayers unless legislative action is taken.
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