Schumer seeks to provide AMT relief
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- March
- 21
U.S. Sen. Chuck Schumer is pushing a bill he says would prevent nearly 450,000 families in the Lower Hudson Valley from getting hit with the alternative minimum tax in 2007.
Schumer, D-N.Y., yesterday released figures indicating his bill would save those families $2.2 billion on their 2007 tax returns.
The senator said families with incomes between $75,000 and $100,000 would pay an additional, $1,459 due to the alternative minimum tax, if adjustments are not made in the tax law.
The figures he released were from the Congressional Research Service and the Tax Foundation, a Washington, D.C. organization that believes the tax should be repealed as part of an overhaul of the U.S. tax code.
The alternative minimum tax started in 1969 as a way to ensure that people with high incomes could not use deductions and credits in order to get away with paying little or nothing in taxes. But since the exemption levels are not tied to inflation and incomes have risen dramatically the past 38 years, the tax hits many more filers than it did in the beginning.
Schumer said his bill would keep 337,006 families in Westchester County, 81,123 families in Rockland County and 27,349 families in Putnam County from getting hit with the tax this year.
This entry was posted
on Wednesday, March 21st, 2007 at 5:29 pm by Allan Drury.
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