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November 11, 2007

House Votes - H.R. 3996: Temporary Tax Relief Act

H.Res. 809: Providing for consideration of H.R. 3996

On Ordering the Previous Question
Passed 215-185

On Agreeing to the Resolution
Passed 220-185

On Approving the Journal
Passed 221-175

On Motion to Adjourn
Failed 184-204
Angry Hispanic Democrats Confront House Leaders
Tensions between Hispanic Democrats and House leaders exploded Friday when a bloc of Hispanic lawmakers voted to derail a major tax bill, relenting only after an angry confrontation on the floor with Speaker Nancy Pelosi and Majority Leader Steny H. Hoyer, D-Md.

H.R. 3996: Temporary Tax Relief Act of 2007
To amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes.

TTRA 2007 includes the following provisions:
  1. Alternative Minimum Tax (AMT) relief with a married couple exemption of $66,250 and a single person exemption of $44,350.
  2. Property tax relief through a standard deduction for those who do not itemize.
  3. Expanded child tax credit.
  4. Extension of the state and local sales tax deduction.
  5. Extension of the tuition deduction.
  6. Extension of the teacher's deduction for classroom supplies.
  7. Extension of the IRA charitable rollover for gifts up to $100,000 per year.
Debate

Amendments (GovTrack, Thomas)

Votes

On Passage
Passed 216-193


House Passes Tax Bill After Procedural Protests
The House on Friday passed an $82.5 billion tax bill that would extend expiring tax breaks for a year and shield millions of Americans from exposure to the alternative minimum tax.

House Passes Bill to Ease Alternative Minimum Tax
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.

Rangel AMT Bill Proposes Tax Increases and Gimmicks
The main thrust of this legislation is to provide permanent, new taxes in order to temporarily prevent scheduled tax increases. Specifically, the legislation would extend dozens of expiring tax provisions and prevent the AMT from impacting 21 million new taxpayers for one year. In both respects, the legislation does not actually provide new tax relief, it merely prevents tax increases.

Why Patch the AMT When We Can Repeal It?
The bill contains a long list of one-year tax extenders and just a one-year “patch” for the Alternative Minimum Tax (AMT). But why? It is universally accepted that the AMT was never intended to affect the tens of millions of taxpayers it is expected to affect this year. Not adjusting the AMT’s exemption for inflation in the original law in 1969 was clearly a mistake.

The good news is that there is an alternative. The Taxpayer Choice Act (H.R. 3818) would immediately, fully, and permanently repeal the AMT without raising taxes on anyone, anywhere, anytime.

Republicans Highlight Nonpartisan Report Showing "Mother of All Tax Hikes" Raises Taxes on Middle-Class Families
The report debunks claims by congressional Democrats that the Pelosi-Rangel tax hike would only raise taxes on "rich" Americans.

Blue Dog Dilemma: Oppose a 130 Percent Tax Hike or Support Majority's Tax-and-Spend Agenda
Blue Dog Democrats face a difficult choice today: oppose a 130 percent tax hike on entrepreneurs and risk-takers who invest and create family-wage jobs or line up behind their party leadership's ever-expanding tax-and-spend agenda.

History of the Democrats' AMT Proves "Tax the Rich" Really Means "Tax the Middle Class"
Congressional Democrats are fond of saying they want to tax "the rich." Yet in reality, "the rich" often means millions of middle class families and small business owners. The alternative minimum tax (AMT) is the perfect example. So how did the AMT - created by Democrats in 1969 and supposedly meant only for "the rich" - spiraled out of control onto the backs of millions of middle class families?

Boehner: Majority's Political Games on AMT Will Delay Tax Refunds for 50 Million Taxpayers
House Republican Leader John Boehner (R-OH) today blasted Congress for the ongoing delay in protecting 23 million taxpayers from unnecessarily paying the alternative minimum tax (AMT) next year and called on the House and Senate Majority to send a clean AMT bill to the President before Thanksgiving. Congress' failure to act in a timely manner means some 50 million taxpayers will face a massive delay in receiving tax refunds next year.

11/12 Update:
Various Pressures Mount, but Outlook Still Uncertain for AMT Package
House Democrats won the first major tax fight of 2007, with only eight members of their caucus defecting as they pushed an $82.5 billion measure to passage.

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