Released: November 10, 2007

House passes bill to ease Alternative Minimum Tax

Source: Jonathan Weisman, Washington Post

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.

“We planted the flag for fiscal responsibility . . . as we gave a tax cut to the middle class,” said House Speaker Nancy Pelosi (D-Calif.).

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