Wednesday, December 05, 2007

AMT deal falls apart

Who's to blame for failure to patch the AMT? The House and Senate, of course. And according to this report from The Hill, you can add the business lobby to your list.


Jim Gust said...

The business lobby didn't have a problem with the AMT part of the legislation, they were upset that to help pay for a temporary tax cut (the extenders) they faced a permanent tax increase. The increase would take the form of limiting loss carrybacks.

It all comes down to a Senate cloture vote on the unamended House bill, scheduled for Thursday. I predict that it fails. When it does, the Democrats will indeed blame the Republicans for the big tax increase.

The blame shouldn't stick, but I suspect that it will.

Jim Gust said...

On the upside, if the cloture vote fails, the spring refunds won't be delayed.