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.)
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