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Cracker Squire

THE MUSINGS OF A TRADITIONAL SOUTHERN DEMOCRAT

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Location: Douglas, Coffee Co., The Other Georgia, United States

Sid in his law office where he sits when meeting with clients. Observant eyes will notice the statuette of one of Sid's favorite Democrats.

Friday, December 07, 2007

Senate Backs Freeze on Alternative Minimum Tax Without Cost Offsets -- A Bitter Retreat for Senate Democrats on Pay-Go Budget Rules

From The New York Times:

Trying to find a way out of a sticky tax problem, the Senate on Thursday voted overwhelmingly to prevent the alternative minimum tax from hitting millions of middle-class Americans without replacing the $50 billion that would be lost.

The move represented a bitter retreat for Senate Democrats who, in taking over Congress this year, pledged to pay for new tax cuts or programs rather than add to the federal deficit. But with Republicans refusing to go along, most Democrats joined them in endorsing a temporary fix of the alternative minimum tax without corresponding offsets rather than be held responsible for a surprise tax burden falling on 19 million taxpayers.
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See also The Washington Post.

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