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P.L. 110-166, The Tax Increase Prevention Act of 2007
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
Comparing original version (created by webmaster) with revision saved on October 31, 2007, 18:30:51 (webmaster):
H.R. 3996 would amend the Internal Revenue Code of 1986 to extend certain expiring provisions.
== Detailed Summary ==
<summary>
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</summary>
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== Status of the Legislation ==
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(Log inLatest Major Action: 10/30/2007: Referred to House committee. Status: Referred to edit the wikiHouse Committee on Ways and be the first to update the status of the bill!)Means.
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== Points in Favor ==
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== Points Against ==
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Visitor Comments
brioboy
November 8, 2007, 7:33pm (report abuse)Middle and upper middle class avoid a scheduled tax hike. Govt still needs $ to provide services. Who makes up the difference? Hedge fund managers would see the rate on just half their profit be taxed as fee for service instead of capital gain. And for this the GOP wants to fall on their swords?
Mia
November 12, 2007, 9:24am (report abuse)Congress is not serious about AMT reform. If they were they would tie it to the inflation rate. Instead they use it as a political tool - usually a sledge hammer. Vote them ALL out in '08.
Matt
November 13, 2007, 10:28pm (report abuse)Yeah!! What a way to sneak in a permanent tax increase to support a 1 year extension of the AMT exemption. Imagine, each year you get a new permanent tax by extending the "expiring" tax breaks. This is redistribution of wealth at its finest. Great job to the adherents of Karl Marx for getting the no-brain Democrats to swallow this one hook, line, and sinker.
Mat
November 15, 2007, 6:03pm (report abuse)Pathetic legislation. A ruse to disguise a tax hike for a one-year extension of a flawed tax. The AMT should be completely eliminated. Until they can figure that out, add the AMT patch without adding tax increases.
Mark
November 19, 2007, 9:43am (report abuse)It should not be legal to tax a person's time on earth, or whatever money or goods he can trade it for.
Having said that, when I look at this piece of legislation I am offended, yet again.
Where is the real reform? These political hack/socialists are pulling the bait and switch. They extend the relief, so they can talk about how their helping and get re-elected, and then stick it to us down the road.
The problem is that these @&&holes already have our money through wage garnishment. Why should they reform the system they know so well, and that insures the growth of big government and their power? Any man who votes for a Democrap gets just exactly what he deserves! Unfortunately, the same goes for Republicans in many cases. I'm fed up with these career politicians, we need real representatives.
The only answer is to select the non-incumbent in every election as long as he/she is not a socialist. Otherwise it will always be business as usual.
Elise
November 23, 2007, 8:10pm (report abuse)This includes an extension of the IRA Charitable option for individuals 70 1/2 + that is set to expire 12-31-07 for one year to 12-31-08 -- for charities providing services to the community and around the world this has been a boon - and I hope it is extended.
rnbro
November 25, 2007, 7:42pm (report abuse)Why is my 'fair share' so much more than others'? I went to college, worked hard, excelled in my profession and all the while pumped my income back into the econmy by purchasing cars and homes, etc. Now my efforts are penalized becuase of how much I earn??? They want me to pay $9500 in AMT becuase I work hard? Maybe I should get a credit for the 2:00AM calls from China and Russia...Maybe I should get a credit for travelling on weekends to make my trips more productive. Those in lower positions get OT, I get to pay more taxes!...
Richard
December 9, 2007, 9:09am (report abuse)Yes, it is amazing what congess does. Take a look at h.r. 6, Energy Bill. Tucked inside of the bill is a requirement that brokers provide the cost basis for stocks starting in 2009.
Brian
December 11, 2007, 4:09pm (report abuse)So long as the current tax system remains in effect, the wealthy will always find a way to slip through the cracks and get away with paying less than their fair share. Until we abolish ALL federal, state, and local taxation, along with the IRS and other needless bureaucracies, and replace them with a federal sales tax imposed on consumer goods and services to fund all federal, state, and local needs, the tax system will never be fair! The bulk of the tax burden will always trickle down to the struggling working class (those earning $50,000 or less per year)!
Steve
December 20, 2007, 6:47pm (report abuse)After many years of fixing up an old rental house, the wife & I sold it in September. We expected to pay a Capital Gains Tax, which we figured was fair enough. But according to our tax program, the one-time gain pushes us into the AMT, causing me to work for almost nothing (except to pay the TAX) at my regular job for a quarter of the year.
The AMT, for us, discourages both work and investment. It is also incredibly complicated. I think it will eventually ruin the entire economy.
The AMT also doesn't do what it was intended to do. See money.cnn.com/2007/07/13/news/companies/blackstone_taxes/index.htm.
I don't know how you can catch these guys and make them pay their share, but I know the AMT isn't the answer!
Congress has created a nightmare for America.