Tax bill 'dead on arrival,' says McCrery

A bill that would protect 21 million taxpayers from paying the AMT “will not become law,” said the congressman.
NOV 06, 2007
By  Bloomberg
Legislation approved by the House Ways and Means Committee that would protect 21 million taxpayers from having to pay the alternative minimum tax “will not become law,” according to Ways and Means ranking member Jim McCrery, R-La. That’s because the chairman of the Senate Finance Committee Max Baucus, D-Mont. today came out against the bill’s tax hike on private equity managers. Mr. Baucus said that a tax increase on so-called `carried interest’ can’t pass the Senate, in a statement released this morning. The bill, approved by Ways and Means, which is opposed by Republicans, would also extend a one-year “patch” for the AMT, for which millions of middle-income taxpayers are now liable, because it was never indexed for inflation when it was originally enacted in 1969. The AMT was originally intended to ensure that wealthy taxpayers were not able to use what were considered loopholes to escape paying income taxes. “Chairman Baucus’ comments clearly indicate that such a bill is dead on arrival in the Senate,” Mr. McCrery said.

Latest News

JPMorgan tells fintech firms to start paying for customer data
JPMorgan tells fintech firms to start paying for customer data

The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.

FINRA snapshot shows concentration in largest firms, coastal states
FINRA snapshot shows concentration in largest firms, coastal states

The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.

Why advisors to divorcing couples shouldn't bet on who'll stay
Why advisors to divorcing couples shouldn't bet on who'll stay

Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.

SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives
SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives

With more than $13 billion in assets, American Portfolios Advisors closed last October.

William Blair taps former Raymond James executive to lead investment management business
William Blair taps former Raymond James executive to lead investment management business

Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.