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Wednesday, November 07, 2007
Watcher: November 6th, 2007
AMT: Mother of All Tax Bills and Progeny
On Oct. 25, after a gestation period of nearly nine months, House Ways and Means Committee Chair Charles Rangel (D-NY) finally unveiled the Tax Reduction and Reform Act of 2007 (H.R. 3970), his self-described "mother of all tax bills." The Rangel bill is a $930 billion, multi-faceted tax reform package that seeks to abolish the Alternative Minimum Tax (AMT) on a revenue-neutral basis. The measure redistributes the tax burden away from lower- and middle-class taxpayers and toward the wealthy beneficiaries of the Bush tax cuts of 2001 and 2003.
Congress to Send Labor/HHS Appropriations to President While SCHIP Conflict Continues
President Bush is soon expected to veto a congressionally approved version of the Labor/Health and Human Services/Education (Labor/HHS) appropriations bill, which funds an array of human needs programs. It is still uncertain if there is enough support in the House to override the president's veto. Meanwhile, enough Republican opposition remains to a proposed reauthorization of the State Children's Health Insurance Program (SCHIP) that the months-old conflict over the program drags on.
Posted by Matt Lewis
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