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Apr 13,2007
Tax could hit middle class unless fixed
by UPI

WASHINGTON - Disagreement between congressional Democrats and Republicans could stall attempts to fix a tax measure that could slash many 2008 refunds for U.S taxpayers.

The alternative minimum tax, which was passed to ensure that millionaires pay their fair share of taxes, could cause refunds for millions of U.S. citizens to be absorbed into the system unless the U.S. Congress takes action to fix the measure, The Christian Science Monitor reported Friday.

Both parties agree that action must be taken but there is no consensus on how to pay for fixing the measure. Many Democrats have suggested a tax increase for the wealthy, while Republicans have spoken of doing away with some broad-based deductions, like local tax exemptions.

The disagreement is causing lawmakers to look at the possibility of putting a one-year "patch" on the system to ensure U.S. citizens are not harmed by the tax in 2008.

Copyright ©  2007, by United Press International. All Rights Reserved.

1383 times read

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