Congressman Sestak Supports Extension of AMT Relief and Popular Tax Credits

Press Release

Congressman Sestak Supports Extension of AMT Relief and Popular Tax Credits

23 million middle-class families would be protected from the AMT this year, including 93,181 households in the 7th District. — On Friday, November 9, Congressman Joe Sestak (D-PA) voted for the passage of the Temporary Tax Relief Act of 2007 (H.R. 3996), a legislation that extends tax relief to middle-class families facing the alternative minimum tax (AMT), originally enacted in 1969 to deny wealthy Americans from tax loopholes. The bill also extends other over 30 popular tax credits and deductions, such as an expanded child tax credit, extensions of deductions for property taxes, and student tuition payments, among many tax provisions. The bill provides special incentives for families, businesses, students, teachers, active duty troops and veterans.

The middle-class tax relief package would:

o Protect 23 million families from the AMT this year
o Allow 30 million homeowners who do not itemize their tax returns to deduct property taxes
o Help 12 million children with the expansion of the child tax credit
o Allow 11 million families to benefit from the state and local sales tax deduction
o Make it easier for 4.5 million families to pay for college
o Allow 3.5 million teachers to save money with the deduction for classroom expenses
o Make thousands of American servicemen and servicewomen earning combat pay eligible for the earned income tax credit.

"With the cost of living rising for American families, it is critical that we provide for their economic security by putting more money back into the pockets of hard working families. I strongly support this legislation because it brings tax relief to middle-class families in a fair and fiscally responsible way that is fully paid for under a 'pay-as-you-go' government," said Congressman Sestak.

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