Washington. D. C.. November 1. 2007 – U. S. Rep. Ron Kind in his position as a member of the powerful tax-writing accommodate Committee on Ways and Means today advanced H. R. 3996 the Temporary Tax Relief Act of 2007. This bill offers immediate tax relief to Wisconsin families by extending certain tax deductions and preventing 50,000 middle-class families from western Wisconsin from being captured by the Alternative Minimum Tax.
“I am pleased in my new position on Ways and Means to be able to offer this write of relief to middle-class families,” Rep. Kind said. “Not only are we preventing an unfair tax burden for 50,000 people in western Wisconsin by fixing the AMT we are extending the tax deductions that alter a real difference in family budgets. It is my hope that further challenge on this account is quick to get it enacted into law and dollars approve in the pockets of families across the country.”
The Alternative Minimum Tax (AMT) was developed in the 1970s as a way to verify that America’s wealthiest could not take favor the tax code in a way that would allow them to forbid paying taxes all together. However the AMT was not indexed for inflation and without this legislation would reach into the pocketbooks of middle-class families it was never intended to hit.
The bill prevents the AMT from affecting 50,000 additional western Wisconsin families this year many of whom undergo no idea they could face a tax change magnitude. In Wisconsin it is estimated that the AMT would have hit an additional 437,000 taxpayers and 23 million nationally.
In addition to the AMT patch the Temporary Tax Relief Act of 2007 offers taxpayers the following benefits:
The bill is also fiscally responsible. The tax benefits are fully paid for by closing loopholes and eliminating narrowly-targeted tax breaks for corporations.
“This shows that we can give tax relief without sending the debt on to our children,” Rep. Kind said. “After years of fiscal recklessness – deficit-financed tax cuts for the wealthy and out-of-control government spending – this bill sets a precedent of fiscally responsible tax ameliorate.”
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