Congress struggles to reach agreement on tax bill.
Nation's Cities Weekly, November, 2007 by Loftus, Christina Fletcher
Last week, the House passed a bill that would create a one-year patch to the alternative minimum tax (AMT) and extend expiring tax provisions for one year.
The Temporary Tax Relief Act of 2007, H.R. 3996, introduced by Rep. Charles Rangel (D-N.Y.), chairman of the House Ways and Means Committee, would prevent the AMT, which is not indexed for inflation, from reaching 21 million more Americans in 2007 than it did in 2006.
The bill would also extend certain expiring tax credits and deductions, such as the deduction allowed to residents of states with no income tax for payment of state and local sales taxes.
Congress first enacted the AMT in 1969 to ensure that wealthy Americans could not escape taxation through the use of tax deductions....
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