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CARTER STATEMENT ON DEMOCRAT AMT PATCH DELAY

11/07/07

Washington, Nov 7, 2007 -  House Republican Conference Secretary John Carter (TX-31) made the following statement after Senate Majority Leader Harry Reid told reporters he has no intention of getting an AMT patch to the President’s desk before Thanksgiving. The Internal Revenue Service recently announced a November 16, 2007 deadline for tax forms to be printed, which typically reflect an AMT patch.

“Every year Congress has passed an alternative minimum tax (AMT) patch to protect the 23 million taxpayers from unnecessarily paying a tax they were never intended to pay. According to Mr. Reid, this year, that will not be the case.

“The consequences of this do nothing Congress will be paid by the tens of millions of taxpayers who will either have to wait extra weeks or even months to get their tax returns or end up paying a tax they have never had to pay before. Congress should work together to pass a patch that protects middle-class Americans from the alternative minimum tax.”

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Note: At a news conference yesterday, Senate Majority Leader Harry Reid (D-NV) was asked, “Will you have and AMT [OFF-MIKE] to the White House before Thanksgiving?” Reid responded, “No.”

The alternative minimum tax was established in the 1960s to ensure the nation’s wealthiest earners paid an income tax. Because of the thresholds of the tax were not indexed to inflation, however, more taxpayers-including millions of middle class earners-risk paying the tax than originally intended. On October 23, Treasure Secretary Hank Paulson confirmed that continued delays in enacting an AMT patch could cause months-long delays of up to $75 billion in tax refunds for 50 million taxpayers (25 million that are subject to the AMT without a patch and 25 million more who use other deductions).