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FOR IMMEDIATE RELEASE
June 25, 2008
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Contact: Zach Goldberg
202-225-5801 (office) |
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HOLT SUPPORTS ALTERNATIVE MINIMUM TAX RELIEF BILL
Bill would save more than 88,000 Central New Jersey families from paying AMT this year
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(Washington, DC) – Rep. Rush Holt (NJ-12) today joined a bipartisan majority in the House of Representatives to pass the Alternative Minimum Tax Relief Act of 2008, H.R. 6275, legislation that would protect an estimated 25 million families from paying the alternative minimum tax (AMT) this year. The bill still requires Senate passage. Failure to pass this legislation would force approximately 88,000 additional Central New Jersey middle class taxpayers to pay the AMT. The AMT was originally enacted in 1969 to ensure that the wealthiest four hundred Americans paid at least some income taxes. Before the AMT, some of the richest Americans used loopholes to avoid taxes.
“Congress created the AMT 40 years ago to ensure fairness in the tax code. It was never meant to be a burden on middle class families, though that is it what it has become in recent years,” Holt said. “This legislation would rescue 88,000 Central New Jersey families – more in our state are affected than anywhere in the country – from paying the tax in the next year. A one-year patch however is not enough. We need a long term solution, and I will continue my efforts to find a permanent fix to the AMT.”
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