Washington, DC — Today, Congresswoman Carol Shea-Porter (D-NH) voted to provide millions of middle class voters with tax relief. If signed into law, the Alternative Minimum Tax Relief Act will provide $62 billion in tax relief to middle-class families by ensuring the number of taxpayers subject to the AMT will not increase.
“ With gas at $4 a gallon and a recession in sight, New Hampshire families need a break,” said Congresswoman Shea-Porter. “The AMT was never meant to affect the middle class, it was created to ensure the wealthy paid their fair share. This legislation will help ensure middle class families don’t get stuck with the bill.”
The Alternative Minimum Tax Relief Act of 2008 passed by a vote of 233-189. Failure to pass this legislation would result in more than 25 million families facing a tax increase this year. By closing loopholes in the tax code, encouraging tax compliance, and repealing excessive government subsides given to oil companies, the legislation provides one-year relief from the AMT without adding to the deficit.