Bill Pascrell, Representing the 8th Congressional District of New Jersey

WASHINGTON—U.S. Rep. Bill Pascrell, Jr. (D-NJ-08) a member of the House Committee on Ways and Means today voted to approve a temporary measure that would preclude the Alternative Minimum tax (AMT) from reaching an additional 25 million families.  The full House of Representatives is expected to consider The Alternative Minimum Tax Relief Act of 2008 in the coming weeks.

“I was proud to join with Chairman Charlie Rangel and the House Ways and Means Committee to approve a measure that would spare about 25 million American families from being hit with the alternative minimum tax,” stated Pascrell.  “Although I firmly believe in a complete repeal of the AMT for all middle-class families, this measure will provide critical relief to the teachers, police, firefighters, small business owners and others who define the character of our communities.” 

The legislation provides one-year relief from the AMT without adding to the deficit by closing loopholes in the tax code, encouraging tax compliance, and repealing excessive government subsidies given to oil companies.

“While middle class families are struggling to afford gas and groceries, this bill is responsibly paid for by tapping into the excessive government subsidies issued to oil companies and by closing loopholes in the tax code.”

It is estimated that the Alternative Minimum Tax Relief Act of 2008 would prevent an estimated 55,000 new families in the Eighth Congressional District alone from being hit with the AMT.

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