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.
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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