MO's Graves Focuses on Need for Another AMT Patch
Roughly five-million people paid the Alternative Minimum Tax last year - but without Congressional approval of a patch - Missouri Congressman Sam Graves notes some 33-million middle class taxpayers could end up paying the tax. In fact - he says individuals making as little as $33,750 or couples making $45,000 could see an increase of as much as $2,250 in their tax bill. Those who paid the tax last year - he adds - would owe an average of 55-hundred more in taxes. According to Graves - the need to change who must pay the AMT has been lost in the fiscal cliff debate. He says it's important for Congress to fix this middle class tax hike as part of any fiscal cliff deal - stating it's wrong to increase taxes on anyone in a fragile economy.
Ultimately - Graves would like to see the alternative minimum tax eliminated. He notes that would require a full rewrite of the tax code - and is hopeful Congress will do that in the new year. In the meantime - he says a fix for 2013 is a must.
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