DEMS MOVE AMT PATCH TO RELIEVE BURDEN ON MIDDLE CLASS
WASHINGTON -- The House Committee on Ways and Means voted today to relieve 23 million middle class Americans of the burden of the Alternative Minimum Tax. Connecticut would be among the states most impacted by the AMT. Congressman John Larson CT-01, Vice Chair of the Democratic Caucus, said:
"23 million middle class Americans versus a few thousand of the wealthiest - that was the choice we were faced with in Congress today. The Alternative Minimum Tax was threatening to strike 23 million middle class Americans - including thousands of families in my district. So, I voted to keep that from happening. At a time when the middle class is being squeezed by rising gas prices and the increased cost of living, I just could not allow them to be hit by rising taxes as well.
But, as a Congress, we pledged to be fiscally responsible and pay for the tax cuts we gave. We cannot continue to pass on our debt to our children and future generations. We have an obligation to pass an AMT patch and we have an obligation to pay for it. I hope we can work out with the Senate some of the issues of how we pay for this in the long term. But, for now we can accomplish a fiscally responsible AMT patch by holding hedge fund managers, less than %.02 of the tax paying population, to the same tax rates as everyone else.
I couldn't increase taxes on average Americans while billionaires were allowed to pay at a lower rate. That was our choice - burden millions in the middle class, pass a growing debt on to our children or have just a few of the wealthiest Americans pay their share of taxes. While we don't want to see anyone's tax rate go up, I just could not allow the middle class in Connecticut or our children to carry this burden. I applaud my Democratic colleagues on the Ways and Means Committee for relieving the middle class of the AMT."