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FOR IMMEDIATE RELEASE
December 19, 2007
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Contact: Zach Goldberg
202-225-5801 (office) |
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HOLT SUPPORTS CONGRESSIONAL ALTERNATIVE MINIMUM TAX FIX
Bill would save more than 88,000 Central New Jersey families from paying AMT next year
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(Washington, DC) – Rep. Rush Holt (NJ-12) today supported legislation in the U.S. House of Representatives to temporarily fix the Alternative Minimum Tax (AMT) and prevent nearly 23 million Americans, including more than 88,000 in the 12th Congressional District, from paying the AMT. The AMT was originally enacted in 1969 to ensure that the wealthiest Americans paid at least some income taxes. Before the AMT, the richest Americans could use deductions to avoid their obligations. Today’s legislation would prevent millions of new middle-class families from being affected by the AMT.
“More families in Central New Jersey are affected by the AMT than anywhere else in the country. Currently, more than 33,000 of my constituents pay the AMT, which is entirely too many,” Holt said. “What began during the Johnson Administration as an attempt to guarantee that all people with high incomes pay their fair share of taxes has not been indexed for inflation and as a result has slowly morphed into a middle-class tax hike. With the prospect of an additional 88,000 of my constituents having to pay the AMT next year, I’m pleased we took action today.”
While Holt supported the temporary fix, he urged Congress to pass a permanent AMT reform bill, one that is fully paid for.
“I previously voted twice for an AMT bill that included the appropriate offsets to pay for this legislation. Unfortunately, President Bush and Republicans in the Senate refuse to worry about the costs of this bill and the effect in will have on the next generation,” Holt said. “I will continue to support my colleagues in making sure increase in spending or cuts in taxes are paid for and that next year we find an offset so that we do not pass this debt the future generations.”
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