U.S. Sens. Robert C. Byrd and Jay Rockefeller, both D-W.Va., voted for legislation Thursday that would temporarily limit the reach of the Alternative Minimum Tax.
The Temporary Tax Relief Act of 2007 passed 88-5. But as The Associated Press reports, that bill is at odd with "House passed legislation matching the AMT fix and other tax cuts with about $80 billion in new tax revenues."
"Earlier Thursday, Senate Republicans united in stopping the Senate from moving to the House-passed bill. The vote was 48-46 against beginning debate on the House bill, 14 short of the 60 needed," the article said.
"The Finance Committee's top Republican, Charles Grassley of Iowa, said it was time for Democrats to abandon their 'PayGo obsession,' referring to the 'pay-as-you-go' principle that tax cuts or spending increases should be paid for so as not to add to the federal deficit."
But with the Senate legislation heading to the House, AP reports that "House Democratic leaders throughout the day Thursday reaffirmed their commitment to PayGo."
07 December 2007
They Voted For You: AMT
Subscribe to:
Post Comments (Atom)
1 comment:
Why all of these "temporary fixes," leaving us up in the air next year and relying on congress to addres the threat hanging over our heads? Why not just change the tax structure permanently? It scertainly couldn't hurt to have some stability in the tax situation rather than doubts each year how much taxes might jump.
Post a Comment