Rep. Kind Acts to Prevent Tax Hike on Nearly 56,000 Middle Class Families in Western Wisconsin
U.S. Rep. Ron Kind (D-WI) today acted to prevent a tax hike on nearly 56,000 middle class families in western Wisconsin by supporting the passage of the AMT Relief Act of 2008. This bill will prevent 25 million Americans nationwide from being wrongly captured by the Alternative Minimum Tax (AMT), a tax never intended for them.
"While I would prefer to find a long-term solution to the Alternative Minimum Tax, this bill will protect middle class families in western Wisconsin, who are already struggling with the rising cost of food and fuel, from a massive tax increase," said Rep. Kind, member of the House Committee on Ways and Means, which crafted the bill. "I am also pleased that this tax relief is fully paid-for and does not add to the deficit. This is the type of responsible and targeted tax-relief this country needs, and I was proud to support the bill."
The Alternative Minimum Tax was developed in the 1970s as a way to ensure that America's wealthiest could not take advantage of the tax code in a way that would allow them to avoid paying taxes altogether. However, the AMT has never been indexed for inflation, and without this legislation, it would reach into the pocketbooks of millions of middle-class families it was never intended to hit.
H.R. 6275 prevents the AMT from affecting 55,757 additional western Wisconsin families (538,970 in Wisconsin and 25 million nationally) this year, many of whom have no idea they could face a tax increase. The AMT Relief Act of 2008 is paid-for by closing loopholes in the tax code, encouraging tax compliance, and repealing excessive government subsidies given to oil companies.