–Sens. Baucus and Grassley, Reps. Levin and Camp Send Letter To IRS
–Hill Tax Chiefs Say They’re Working On ‘Legislative Relief’
–Key Lawmakers Seek ‘Mutually Agreeable’ Plan For Hill, Admin
By John Shaw
WASHINGTON (MNI) – The Democratic and Republican leaders of the
Senate Finance Committee and the House Ways and Means Committee sent a
letter Tuesday to the director of the IRS, Doug Shulman, telling him
that they are hard at work on legislation adjusting the alternative
minimum tax so that it does not hit more taxpayers.
In an unusual letter, Senate Finance Committee Chairman Max Baucus
and Sen. Chuck Grassley, the ranking Republican on the panel, as well as
House Ways and Means Committee Chairman Sander Levin and Rep. Dave Camp,
the ranking Republican on the House panel, said they are working on an
AMT fix that is “mutually agreeable” to both Congress and the White
House.
“We want to assure you that Congress is working on legislative
relief,” they wrote to Shulman.
The lawmakers told Shulman that they realize the uncertainty
surrounding the future status of the AMT is causing concern among
taxpayers and “administrative difficulties” at the IRS.
The lawmakers said they are aware that unless Congress passes an
AMT adjustment 21 million taxpayers face higher taxes in 2010.
They said they are working hard to avoid that.
The effort to adjust the AMT is likely to be folded into the
broader effort to renew the Bush era tax cuts that expire at the end of
the year.
The fate of the Bush tax cuts and the AMT fix is now being
discussed quietly by key lawmakers and will come into sharper focus next
week when Congress returns for its Lame Duck session.
** Market News International Washington Bureau: (202) 371-2121 **
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