(November 9, 2007)--If lawmakers can't resolve a messy tax fight on Capitol Hill by the end of the year, it could end up costing millions of middle-income taxpayers as much as $2,000 when April
15 rolls around.
House Democrats have passed a bill that blocks the alternative minimum tax from spreading to middle income people.
The tax was originally created back in 1969 to make sure very wealthy people don't duck their obligations to Uncle Sam with crafty deductions and tax breaks.
But, because the tax never took inflation into account, every year it is set to affect more and more people.
Congress has been responding with a series of annual fixes.
That's what House Democrats did Friday.
But the White House and Republicans are less than thrilled by the bill because it includes tax increases that will mainly ding investment fund managers.
The White House says that would "undermine the competitiveness of U.S. businesses" on the international scene.
Rep. John Carter R-Round Rock, issued a statement Friday in which he blasted Democrats for delaying the measure.
“American families expect Congress to pass an AMT patch that prevents them from being slammed with a tax they should never have to pay in the first place,” Carter said.
“Leave it to the Democrats to delay this important bill which will cause 50 million Americans to wait even longer to receive their hard-earned money.”
Click Here For More Congressional Information From “Thomas”
Click Here For U.S. House Web Site
Click Here For Rep. Chet Edwards’ House Web Site
Click Here For Rep. John Carter’s House Web Site
Click Here For U.S. Senate Web Site
Click Here For Sen. John Cornyn’s Senate Web Site
Click Here For Sen. Kay Bailey Hutchison’s Senate Web Site
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