Friday, 24 May 2024

House votes to cut taxes for estimated 45,000 tax filers in First Congressional District

WASHINGTON On Wednesday, the House of Representatives approved legislation that would stop a tax on 25 million middle-class families, including an estimated 45,000 tax filers in the 1st Congressional District, without adding to our national debt.


The Alternative Minimum Tax (AMT) Relief Act of 2008 (HR 6275) keeps millions of Americans from being hit by a tax originally designed to only affect the very wealthy.


“American families are already strained by rising gas, food and health care prices, and don’t deserve to be caught in a tax originally meant for the rich,” said Congressman Mike Thompson. “The last thing these families need is a larger tax burden, and I am very pleased that we were able to stop the tax increase without adding to our national debt.”


The legislation provides one-year relief from the AMT without adding to the deficit by closing loopholes in the tax code, encouraging tax compliance and repealing excessive government subsidies given to oil companies.


“I believe we need to permanently fix the AMT problem, but that’s going to require a broader effort to simplify our tax code and improve fairness,” added Thompson. “I’m very hopeful that the next president will be willing to make that happen in a fiscally responsible way.”


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