Senators Seek Solution to AMT

WASHINGTON -- A bipartisan group of senators -- two Republicans and two Democrats, including the leaders of the Senate Finance Committee -- wants to eliminate the alternative minimum tax, which was originally aimed at wealthy tax evaders, before it starts affecting the middle class, The Associated Press reported.

"We're saying, in our bill, is that this ought to be at the top of the list in terms of tax reform," said Sen. Ron Wyden, D-Ore., part of the group who hope to force serious discussion about altering or abolishing the levy by introducing a $611 billion bill to repeal it.

He is joined by Sens. Charles Grassley, R-Iowa; Max Baucus, D-Mont.; and Jon Kyl, R-Ariz. Grassley chairs the Finance Committee, and Baucus is the panel's top Democrat. They begin examining the tax at a hearing Monday.

"The alternative minimum tax isn't so alternative any more. It's become mainstream," Grassley said.

-- NYSSCPA.org News Staff

Posted on 5/23/05

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