AMT Patch Version 1.5 No Upgrade - U.S. Rep. John Boozman (R-AR) today voted to protect American business owners from a needless tax increase under the auspices of “tax relief.” Boozman voted against the latest House version of a one-year patch to the Alternative Minimum Tax which includes nearly $56 billion in tax increases. Today’s vote follows a November House vote which patched the AMT with $70 billion in increased taxes, and comes on the heels of a bipartisan Senate vote to patch the AMT with no tax increase.“The first version of the AMT patch failed, and Version 1.5 is actually worse. While still containing a massive tax hike, it further delays billions in refunds due American taxpayers – another day without dollars that can pay down personal debt, college tuition or housing costs,” Boozman said. “While refunds are being delayed, there are still 23 million middle-income earners that are threatened with a tax increase that was never intended to affect them unless we can pass a bill which can become law.
The White House has already issued a veto threat if the current House version passes the Congress. Boozman said, “Granting tax relief by simultaneously passing a massive tax increase is opposed by the administration, the Senate, and half of the House. It would seem that the leadership of the House hasn’t got the message. Fundamentally, our economy is strong – but we face serious challenges, including the threat of inflation. The tax increases proposed by this plan are being proposed at exactly the wrong time for the economy. It is important that we in Congress quit our dawdling and move forward with a plan which results in lower taxes for all Americans.”
Tags: AMT, Arkansas, John Boozman, US House To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
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