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FOR IMMEDIATE RELEASE
September 24, 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. 7005, legislation that would protect an estimated 25 million families from paying the alternative minimum tax (AMT) this year. The President is expected to sign the bill into law. 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 The AMT was originally enacted in 1969 to ensure that the wealthiest four hundred Americans paid at least some income taxes.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.
“When Congress established the AMT 40 years ago, it was to ensure that all Americans were meeting their tax obligations. It was never intended to burden middle class Americans – but that is what has happened in recent years,” Holt said. “More residents in New Jersey are affected by this than anywhere in the country, 88,000 more Central New Jersey families would be affected if we didn’t take action.”
While supporting the bill, Holt urged Congress to find a permanent solution to the AMT. He also expressed regret that the bill was not offset by closing some tax loopholes.
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