Congress leaving with tax problem

WASHINGTON (AP) -- House Democrats are refusing to back down in their fight with their Senate on tax policy, increasing the odds that Congress will adjourn without acting to shield millions of people from the alternative minimum tax.

The House plans to adjourn for the year on Monday. Without a compromise, tax legislation to fix the AMT, provide tax credits to disaster victims and extend tax credits to businesses, individuals and developers of renewable energy resources would die.

Without legislation, those exposed to the AMT could grow in 2008 from about 4 million to up to 26 million, with an increased tax bill of around $2,000.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


Join the Conversation!

To comment, the following rules must be followed:

  • No Obscenity, Profanity, Vulgarity, Racism or Violent Descriptions
  • No Negative Community Comparisons
  • No Fighting, Name-calling, or Personal Attacks
  • Multiple Accounts are Not Allowed
  • Stay on Story Topic

Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.

Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to webmaster@wvlt-tv.com. Please provide detailed information.

powered by Disqus

WVLT VOLUNTEER TV

6450 Papermill Drive Knoxville, TN 37919 Phone - (865) 450-8888; Fax - (865) 450-8869
Gray Television, Inc. - Copyright © 2014 WVLT-TV Inc. - Designed by Gray Digital Media - Powered by Clickability 29890074 - local8now.com/a?a=29890074