IRS: 100M taxpayers face delays without AMT fix

Published on NewsOK Modified: December 19, 2012 at 6:02 pm •  Published: December 19, 2012
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"That up to 100 million American households could be impacted according to the IRS demonstrates the urgency in which Congress and the White House must reach a reasonable, balanced solution to stopping the fiscal cliff," said Sen. Orrin Hatch of Utah, the top Republican on the Senate Finance Committee. "The alternative minimum tax simply has to be permanently fixed."

Hatch and other Republicans said the AMT issue provides a good reason to vote for House Speaker John Boehner's plan to extend expiring tax cuts for everyone who makes less than $1 million. Boehner said his proposal is a backup plan in case stalled talks with President Barack Obama fail. The bill, which is scheduled for a vote in the House on Thursday, would permanently patch the AMT.

"It gives us 100 million more reasons to pass the Republican plan now," said Rep. Dave Camp, R-Mich., chairman of the tax-writing House Ways and Means Committee.

Obama said Boehner's bill is a poor alternative to serious discussions about a comprehensive deficit-reduction package. Lawmakers from both political parties expect the AMT to be adjusted in any comprehensive deal, if one can be reached.

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