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Reply #8: update: U.S. House backs alternative minimum tax patch [View All]

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-07-05 02:35 PM
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8. update: U.S. House backs alternative minimum tax patch

WASHINGTON, Dec 7 (Reuters) - The U.S. House of Representatives on Wednesday overwhelmingly approved legislation to ensure that as many as 19 million taxpayers will not be forced to pay the alternative minimum tax next year.

The House voted 414-4 to extend for one year a temporary patch that will keep the number of taxpayers paying the AMT, about 3 million this year, from exploding next year. The tax was originally supposed to apply only to the very rich but now affects many more middle class households.

The AMT, called the "stealth tax" because many taxpayers are unaware it, was enacted in 1969 so that a few hundred of the wealthiest Americans did not take advantage of so many tax breaks that they ended up not paying any income tax at all.

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