By JIM ABRAMS
Associated Press
June 26, 2008
WASHINGTON (AP) -- The House voted Wednesday to protect more than 20 million mostly upper-income taxpayers in danger of being slapped with a tax increase averaging $2,300 because of the alternative minimum tax.
To help offset the cost, the bill more than doubles the 15 percent tax rate that many private equity and hedge fund managers pay on their profits. It passed 233-189 on a mostly party-line vote.
The offset was strongly opposed by Republicans, and it faces resistance in the Senate, assuring that Congress still faces a struggle as it tries to stave off the effects of the AMT for another year.
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House passes alternative minimum tax relief
Moving the Republican Party to the Right!
