Obama Wants Congress to Halt AMT Tax Hike on Middle Class by Dec. 31 | CNSnews.com: "Washington (CNSNews.com) – President Barack Obama believes that Congress must act before the end of the year to stop a tax hike that would disproportionately hit middle-class earners, said White House Press Secretary Robert Gibbs.
If Congress fails to act on the Alternative Minimum Tax (AMT), it could mean a tax hike for 22.7 million American households, many of whom earn less than $250,000. Absent congressional action this year, “one in six taxpayers will be affected by the AMT, paying on average an additional $3,900 in tax, and nearly every married taxpayer with income between $100,000 and $500,000 will owe some alternative tax,” according to the non-partisan Congressional Budget Office, the accounting arm of Congress."
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