WASHINGTON, D.C. – By a vote of 226 to 193, the United States House of Representatives voted tonight to protect middle-income Americans from a tax increase this fiscal year by passing H.R. 4351, the Alternative Minimum Tax (AMT) Relief Act of 2007. Representative Xavier Becerra (CA-31), Assistant to the Speaker of the House and the only congressional member from Southern California on the Ways and Means Committee, voted for the bill.
“Today, Americans believe that our nation’s leaders have forgotten the middle class," Rep. Becerra said during floor debate of H.R. 4351. "We see pensions and health insurance becoming too expensive for too many Americans to afford. What we need is an economy that works for everyone and makes America stronger. What we propose in this bill is to show the American people that we do hear them."
The AMT Relief Act amends the Internal Revenue Code to protect 23 million middle-income taxpayers from being hit with the AMT, a provision of the tax system originally intended to ensure that wealthy individuals who were paying few or no taxes pay their fair share, but was never adjusted for inflation. The bill provides additional tax relief to 12 million families by expanding the child tax credit to more low-income families.
“[The bill] provides tax relief to 23 million middle class families, and it helps 12 million children by expanding the child tax credit," Rep. Becerra said. "This bill is responsible because rather than just borrow the money to provide the tax relief, we pay for it up front."
Like all legislation the House has passed this year, H.R. 4351 adheres to “pay-as-you-go” budget rules by closing tax loopholes used by hedge fund managers to defer compensation in offshore accounts.
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