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REP. ENGEL URGES AMT SOLUTION AS PART OF DEBT, TAX CODE REFORM DEAL

Washington, DC -- Congressman Eliot Engel (D-NY-17) is calling for a permanent reform of the Alternative Minimum Tax (AMT) to be included in any bipartisan budget agreement to cut the deficit.  The AMT was created in 1969, and was designed to prevent the wealthiest taxpayers from adding excessive deductions, thus avoiding paying any taxes.  Because the legislation did not account for inflation, over time, more and more middle class families are forced to pay the AMT rate.  This has led to an undue burden upon these families.

“Any agreement from President Obama’s bipartisan talks with House and Senate leaders should contain a permanent AMT fix.  Approximately 21 million American households, with many more to be affected each year, will see an instant benefit in their tax bill.  This is especially true for New York, and the almost 40,000 families living in my district (The Bronx, and Rockland and Westchester Counties), who would save an average of $2,400 per year as a result. 

“New Yorkers already face some of the highest taxes in the country, and approximately three million people in the state are affected by the AMT.  Any deal reforming the tax code which does not include a permanent AMT fix is a real tragedy, and a missed opportunity to make a difference for the American taxpayer.”

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