Senate Passes AMT Patch
January 2, 2008 · Print This Article
The Senate late Thursday passed a one-year fix to the alternative
minimum tax (AMT), setting up a potential confrontation with the House,
which passed a much different version of the bill earlier.
Democrats want to offset the cost of the patch, which would
shield millions of Americans from becoming eligible for the higher tax.
However, Republicans are balking at the idea and in the Senate they
have enough support to block such a plan.
"I
am relieved that the Senate has acted this evening to extend AMT relief
for 19 million taxpayers – including nearly 100,000 Nevadans,” Senate
Majority Leader Harry Reid (D-Nev.) said following the vote. “But I
want to make it perfectly clear that I am very disappointed Republicans
prevented the Senate from passing AMT relief in a fiscally responsible
manner. Instead, Republicans insisted that the $50 billion cost of
this proposal be added to the national debt – a debt that is already
growing at a rate of $1 million a minute.”
The Senate bill without offsets passed 88-5.
The
five senators who voted no were Senate Budget Committee Chairman Kent
Conrad (D-N.D.), and Sens. Tom Carper (Del.), Byron Dorgan (D-N.D.),
Russ Feingold (D-Wis.) and Sheldon Whitehouse (D-R.I.). The senators
running for president missed the vote.
Senate
Minority Leader Mitch McConnell (R-Ky.) praised passage of the measure
and criticized Democrats for delaying action until now.
“The
Democrats’ unprecedented and indefensible delay on this commonsense
solution means the filing season will already be disrupted,” McConnell
said. “Now that the Senate has passed an AMT fix without tax hikes, the
House must do the same or explain to taxpayers why they will further
delay tax refunds for millions of Americans.”
The White House, which has pushed Congress to act on the issue but opposes offsets, urged the House to pass the Senate version.
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