| Washington, D.C.—Congressman Steve King today voted to stop $82.5 billion in permanent tax increases. The tax hikes are contained within a bill falsely advertised as the Temporary Tax Relief Act of 2007. Intended to be a temporary fix for the Alternative Minimum Tax (AMT), the bill was passed by a thin margin. Opposition to the bill is bi-partisan.
"This bill would pay for a tax cut with a tax increase- $82.5 billion in tax increases including a marriage penalty. That is inconsistent with American values. We should REPEAL the Alternative Minimum Tax and move forward towards a tax policy that rewards people who work. Coming from San Francisco, Speaker Nancy Pelosi is leading an elitist tax policy based on class envy. That’s wrong and it’s not in the tradition of our American Constitutional republic. This nation should be brought together by our tax policy, not torn apart" said King.
The AMT was tacked onto the federal tax code by Congress in 1969 to target 155 rich Americans who otherwise, because of a twist in the tax code, would not have had to pay federal taxes. Now, almost 40 years later, the "tax-the-rich" AMT will hit 25 million middle-class families. Unless prompt and bi-partisan action is taken, these middle-class families will be hit with a massive penalty by the April 15, 2008 tax filing deadline.
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