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TUESDAY, NOVEMBER 24, 2009
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House Votes to Keep Alternative Tax at Bay

Bush likely to sign one-year stay, which could benefit 21M

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(Newser) – The House voted today to enact a one-year stay of the alternative minimum tax, a measure originally designed to ensure that rich Americans paid their share but has increasingly placed a burden on the middle class, the New York Times reports. President Bush has said he'll sign the legislation, which could save 21 million taxpayers $2,000 on their 2007 returns.

The bill faced opposition from fiscally conservative Democrats, who wanted to add taxes to make up for the $50 billion the AMT would’ve provided if left unchanged. One Congressman had threatened to keep lawmakers in session through Christmas, but in the end 157 Democrats were among the bill's 352-64 margin of passage.

President Bush has said he will sign the alternative minimum tax break bill. (AP Photo/Ron Edmonds)
President Bush has said he will sign the alternative minimum tax break bill. (AP Photo/Ron Edmonds)   (Associated Press)
This is an artist's impression of how much money middle-income families can expect to save under the AMT break.
This is an artist's impression of how much money middle-income families can expect to save under the AMT break.   (Shutter Stock)
The alternative minimum tax hit families making a combined $150,000 with $2,000 per person of extra tax.
The alternative minimum tax hit families making a combined $150,000 with $2,000 per person of extra tax.   (Shutter Stock)
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House approves alternative minimum tax break
Reuters

'Clean' AMT deal puts off the pay-for battle to next year
CNN


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