Senate Finance Committee Chairman Max Baucus (D-Mont.) and Ranking Member Chuck Grassley (R-Iowa) have unveiled legislation to protect millions of Americans from being hit for the first time by the alternative minimum tax, and to extend tax incentives for renewable energy solutions and tax relief for America’s working families.
The AMT was created in 1969 to keep wealthy people from avoiding taxes altogether, but has started to hit working families instead. The Baucus-Grassley measure will prevent the AMT from applying to those who didn’t pay it last year.
Extensions of tax provisions that expired at the end of 2007 or are set to expire at the end of 2008 will encourage the production and use of alternative energy, and will translate into savings on college tuition, state and local sales taxes, and business investments for individuals and companies.
“America needs Congress to act on a host of tax provisions that mean real dollars and cents in their pockets. Whether it’s protecting working families from the alternative minimum tax they were never meant to pay, offering a tax credit for energy-saving appliances, or providing a deduction for a big tuition bill, this is tax relief that means something for folks’ daily lives,” stated Baucus, continuing: “And the business provisions in this bill, from energy to research and development, will ultimately help improve our economy and provide job opportunities for Americans right here at home. These are tax cuts worth extending for all Americans.”
“This legislation is very important. If expiring tax provisions are not extended, Americans will be hit with big tax increases, and it will happen without a vote of Congress. The last thing families, small businesses and investors need right now is a tax increase, but that’s what will happen this year and in 2010 if Congress doesn’t act,” added Grassley.
He concluded: “The Senate has demonstrated leadership in protecting taxpayers from the unintended consequences of the Alternative Minimum Tax and in extending existing energy tax provisions. It’s time to demonstrate that leadership again.”
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