You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

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

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Latest Breaking News Donate to DU
UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-07-05 02:35 PM
Response to Original message
8. update: U.S. House backs alternative minimum tax patch
http://today.reuters.com/investing/financeArticle.aspx?...

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.

...more...
Printer Friendly | Permalink |  | Top
 

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC