Congress Averts Higher Tax Bill for Middle Class

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	Congress Averts Higher Tax Bill for Middle Class

wjbuntz

12-19-2007 10:14 PM

344 views

tags:

amt, alternative minimum tax, congress, income taxes

wjbuntz says:

I'll be darned. Congress CAN pass something useful.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/fb7f1f8e-a391-456d-a8f9-8b14d3ec426f/F4867062-8A99-4C02-9302-109C42A2CDD3/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/2007/12/20/washington/20cong.html?_r=1&hp=&adxnnl=1&oref=slogin&adxnnlx=1198120209-AdWEZts73bKLUehfM33G+w" href="http://www.nytimes.com/2007/12/20/washington/20cong.html?_r=1&hp=&adxnnl=1&oref=slogin&adxnnlx=1198120209-AdWEZts73bKLUehfM33G+w" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2007/12/20/washington/20cong.html?_r=1&hp=&adxnnl=1&oref=slogin&adxnnlx=1198120209-AdWEZts73bKLUehfM33G+w"><P>WASHINGTON — Congress on Wednesday gave final approval to a plan that will spare millions of middle-class taxpayers higher taxes in the coming months. The White House welcomed the development and said President Bush would sign the bill. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2007/12/20/washington/20cong.html?_r=1&hp=&adxnnl=1&oref=slogin&adxnnlx=1198120209-AdWEZts73bKLUehfM33G+w"><P>The tax reprieve postpones for one year only an expansion of the <A title="More articles about the alternative minimum tax." href="http://topics.nytimes.com/top/reference/timestopics/subjects/a/alternative_minimum_tax/index.html?inline=nyt-classifier" linkindex="31">alternative minimum tax</A>, a parallel tax system enacted in 1969 to prevent very wealthy investors from using deductions and tax shelters to avoid paying income tax altogether. The alternative tax has ensnared a growing number of middle-class Americans in recent years because the 1969 law was not indexed to inflation. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2007/12/20/washington/20cong.html?_r=1&hp=&adxnnl=1&oref=slogin&adxnnlx=1198120209-AdWEZts73bKLUehfM33G+w"><P>Without the fix by Congress, some 25 million filers would have to pay the tax on their 2007 income, up from 4 million who paid it this year, according to the White House. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2007/12/20/washington/20cong.html?_r=1&hp=&adxnnl=1&oref=slogin&adxnnlx=1198120209-AdWEZts73bKLUehfM33G+w"><P>The Bush administration took a swipe at Congress, saying that the late action by lawmakers might still cause delayed refunds for up to 38 million filers. </P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/F4867062-8A99-4C02-9302-109C42A2CDD3/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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