Bush Tax Panel to Recommend Abolishing AMT

NEW YORK -- President Bush's tax advisory panel will recommend repealing the Alternative Minimum Tax (AMT), said former Sen. Connie Mack of Florida, the panel's chairman, Bloomberg News reported Wednesday.

“The consensus is that we will repeal the AMT,'' Mack told reporters during a meeting of the panel in Washington.

Two panel members, Vice Chairman John Breaux, a former Louisiana senator, and Elizabeth Garrett, said they were concerned that repealing the minimum tax would allow some wealthy Americans to avoid all taxes. Mack said the panel would address these concerns, though he offered no specifics.

The nine-member panel is holding its first public deliberations Wednesday and will make recommendations to Bush by Sept. 30.

-- NYSSCPA.org News Staff

Posted on 7/20/05