House Passes Bill to Ease Alternative Minimum Tax
Washington Post Staff Writer Saturday, November 10, 2007; Page A01
The House yesterday narrowly approved a $73.8 billion measure to protect millions of families from the alternative minimum tax and offer new tax breaks to middle-income homeowners and low-income parents, offset by tax increases that would land primarily on wealthy Wall Street financiers.
The 216 to 193 vote came after a fiery debate that divided Democrats and energized Republicans, who assailed proposed tax increases that Rep. Sam Johnson (R-Tex.) called "an assault on free enterprise." Democrats countered that they were only closing tax loopholes on super-rich private-equity and hedge fund managers in order to live by a pledge of fiscal responsibility.
Nancy Pelosi claims to have 'planted the flag of fiscal responsibility' and now we'll see if the Senate allows it to stand.
True fiscal responsibility would be to plant a stake in the heart of the Tax Code and bury it.
But it's as good a move as has been made in a while by a frozen Congress and we have to take what we can get, even if it's rearranging chairs.