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Wednesday, June 25, 2008
House Approves Fiscally-Responsible AMT Patch
The voted this afternoon (233-189) to pass a fully-offset, one-year AMT patch that would prevent some 25 million Americans from falling into an alternate tax universe in which their tax bills would jump by an average of $2,000.
The bill's $61.6 billion cost is fully offset mostly by:
- Treating income of equity fund managers as income, rather than capital gains
- Revoking some tax cuts for oil companies
- Closing a loophole currently enjoyed by some foreign-owned firms using tax havens
- Tighter tax enforcement of merchant credit card payments
These offsets, however, will most likely be stripped by the PAYGO-phobic Senate when it considers the measure.
Posted by Craig Jennings
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