Question: Do you support eliminating the Alternative Minimum Tax?
Answer: The Alternative Minimum Tax (AMT) was intended to ensure every taxpayer paid at least a minimum of taxes while preserving the economic and social incentives of the tax code. But the AMT has increasingly impacted middle-class taxpayers.
The AMT was not indexed to inflation and the number of middle-class taxpayers who are subjected to the AMT has increased over the years. The 2009 AMT exemption amounts were $46,700 for individuals and $70,950 for joint filers. Unless Congress acts, the exemptions will go back to $33,750 for individuals and $45,000 for joint filers for 2010. An estimated 25.2 million taxpayers will be affected by the AMT when they file their 2010 taxes.
I have been committed to the permanent repeal of the AMT for a long time. I am a cosponsor of H.R. 470, the Economic Recovery and Middle-Class Tax Relief Act, which would permanently repeal the AMT. Representative Scott Garrett introduced H.R. 470 on January 13, 2009.
This issue may be debated when Congress meets during the lame duck session. I will continue to work with my colleagues to permanently end the AMT and prevent any tax increases.