Representing North Carolina’s Ninth District                                                                        

REP. MYRICK VOTES FOR TAX RELIEF
FOR MIDDLE CLASS AMERICANS

(Washington, D.C.) – Rep. Sue Myrick (NC-9) today voted for The Middle-Class Alternative Minimum Tax (AMT) Relief Act of 2004, HR 4227.  This law extends the 2003 AMT relief (adjusted for inflation) through 2005.  Without this law, 11 million middle class taxpayers will be hit with an average tax increase of $1,520 in 2005. 

 “If we had not passed this bill, millions of middle class Americans would face losing their hard-earned money to a tax increase.  They can now keep their money and use it as they see fit,” said Myrick.

 Current law requires taxpayers to calculate two sets of tax liabilities:  their regular income tax and their alternative minimum tax, or “AMT.”  If the AMT is higher, they must pay this higher amount.   

 By passing this bill, married couples AMT exemption will remain at $58,000 instead of dropping to $45,000.  Single individuals AMT exemption will be kept at $40,250 instead of dropping to $33,750. 

 The bill passed the House by a vote of 333-89. 

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