June 25, 2008

Gregory Meeks Applauded The Passage Of Alternative Minimum Tax Relief Bill

(WASHINGTON, DC)– Today June 25, 2008, the House of Representatives passed H.R. 6275, the Alternative Minimum Tax Relief Act of 2008, to protect millions of middle-class families from the alternative minimum tax (AMT). The legislation will provide responsible tax relief to middle-class families by ensuring that the number of taxpayers subject to the AMT will not increase. The passage of this critically important measure will ensure that more than 25 million working American families will not be subjected to a tax increase this year.

“It has been the hope of my colleagues and myself, since the beginning of this Congress, that we would eliminate the AMT entirely, rather than continue the failed tax policies of the previous majority on this critically important issue,” said Rep. Gregory W. Meeks (NY-6).

Added Congressman Meeks, “the Administration has failed to provide responsible tax reform, it is impossible to remove a provision like the AMT without simplifying the entire code to bring a greater sense of fairness and equity to our tax laws. So, we have done the right thing and offered more than 25 million taxpayers relief from the AMT this year without adding to the national deficit.”

H.R. 6275, the Alternative Minimum Tax Relief Act of 2008 will provide more than 25 million families with tax relief in 2008 by extending AMT relief for nonrefundable personal credits and increasing the AMT exemption amount to $69,950 for joint filers and $46,200 for individuals. This proposal is estimated to cost $61.52 billion over 10 years. The legislation also closes loopholes in the tax code, encouraging tax compliance, and repealing excessive government subsidies given to oil companies.

“At a time when hard working American men and women are facing soaring energy and food costs and a tightening job market, this Congress has stepped up to the plate to provide meaningful tax relief,” said Congressman Meeks.

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