CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Tax Reform High On House Agenda Says Democrat Leader

Tax Reform High On House Agenda Says Democrat Leader

by Leroy Baker, Tax-News.com, New York

19 April 2007


According to House Majority Leader Steny H. Hoyer, House Democrats remain committed to the goal of tax reform and simplification, and are determined to find a remedy for the growing reach of the Alternative Minimum Tax with regard to middle income taxpayers.

In a statement released on Tuesday - tax filing deadline day - Hoyer responded to recent criticism from senior Republicans over Democrat tax policy since reclaiming control of Congress by pointing out that tax legislation passed during the Bush administration has hindered rather than helped efforts to simplify the US tax code.

"Unfortunately, the complexity of our nation's tax laws only increased during previous Republican-controlled Congresses," he said. "In fact, since 1995, the US tax code and regulations have grown by one-third to more than 60,000 pages. And, while President Bush appointed a bipartisan commission to study tax reform, he has ignored its recommendations and failed to engage on this important issue."

Hoyer, who claims to be a long-standing advocate of tax reform and simplification, continued:

"Perhaps nothing better illustrates the need for federal tax reform than the expanding reach of the Alternative Minimum Tax (AMT) - the so-called stealth tax. Originally designed to ensure that wealthy taxpayers paid their fair share, the AMT will arbitrarily ensnare an estimated 4 million taxpayers this year and force them to pay more in taxes than they otherwise would pay under our tax system."

"The AMT increasingly affects middle-income taxpayers, because it was never indexed for inflation, and it requires Americans to calculate their taxes twice - once through standard tax forms and again through special AMT forms. Without action, 33 million taxpayers will have to pay the AMT in 2010."

Hoyer's statement concluded by announcing that House Democrats are "committed to permanently fixing the AMT, as well as to tax reform and simplification generally".

"We urge the President to join us in this effort because we know from experience that Presidential leadership is imperative," he stated.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »