Congressman Walz Votes For Middle Class Tax Relief for Millions of Americans

"U.S. House"

12/12/2007

WASHINGTON – Today, Congressman Walz voted again to provide tax relief to tens of millions of middle class families who would otherwise pay higher taxes under the alternative minimum tax (AMT) this year. The Alternative Minimum Tax Relief Act of 2007 provides a one year extension of AMT relief for nonrefundable personal credits and increases the AMT exemption amount to $66,250 for joint filers and $44,350 for single filers to ensure that no additional taxpayers are liable for the AMT this year.

“Fighting for middle class families is something I will always do in Washington,” said Walz. “This bill will ensure that 23 million middle class Americans will be protected from the alternative minimum tax this year and it will save nearly 44, 000 families in southern Minnesota from being caught by the AMT. Passing this critical tax relief is the right thing to do.”

Short Summary of the Alternative Minimum Tax Relief Act of 2007:

In addition to providing middle class tax relief to tens of millions of middle class taxpayers next year, this legislation:

Expands the refundable child tax credit to provide relief to more than 12 million children

Closes loophole allowing hedge fund managers to defer compensation in offshore accounts

Posted by Staff
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