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Washington, DC -- U.S. Rep. Ron Klein voted Wednesday to support a tax cut that prevents the Alternative Minimum Tax from hitting over 51,000 unsuspecting middle-class families in Florida’s 22nd District this year.
"I am pleased to be able to provide much needed tax relief to the hard-working families of South Florida," Klein said. "The outdated and unfair Alternative Minimum Tax was intended to ensure that top tier taxpayers pay their fair share, not to burden the middle class. With my vote today, I am helping to bring fairness back to the middle class."
The Temporary Tax Relief Act of 2007 prevents millions of families nationwide from paying an unfair tax increase under the Alternative Minimum Tax. According to the Treasury Department, without this action, 25 million people would be affected on their 2007 returns, up from the approximately 4 million who paid the tax in 2006.
"I am committed to doing all I can to put money back in the pockets of the working, middle-class Floridians," said Klein. "Our families are working too hard to see their money taken by the federal government based on an outdated formula. The relief that we provided today will go a long way toward restoring equity to the tax code.
The Alternative Minimum Tax was established in 1969 to prevent tax avoidance by disallowing certain credits or deductions and requiring some taxpayers to determine their liability under alternate rules. The tax was never indexed for inflation and is now impacting taxpayers that it was never intended to affect. A family of four earning $66,000 would have been confronted with the Alternative Minimum Tax this year if Congress did pass this legislation.
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