Bush threatens veto of tax bill

The House approved legislation that would shield millions from the AMT by raising taxes on hedge fund managers.
DEC 13, 2007
By a largely party-line vote of 226-193 the House yesterday approved legislation that would shield about 20 million taxpayers from the alternative minimum tax for 2007 by raising taxes on some hedge-fund managers. But President Bush has threatened to veto the bill, and AMT legislation approved by the Senate would not raise taxes on anyone. Treasury Secretary Henry Paulson said in a statement that he is “disappointed that the House has twice chosen to pass a bill that is unacceptable, and that further delays our ability to plan for the filing season.” Until legislation is enacted that provides AMT relief for 2007, the Internal Revenue Service will not be able to complete substantial preparations for the upcoming filing season, meaning as much as $75 million in refunds will be delayed for weeks, Mr. Paulson said. The AMT was enacted in 1969 to target a few wealthy Americans who had paid no income tax because of tax deductions. But the law was never indexed for inflation, and over time middle income households have become subject to it.

Latest News

Advisor moves: Raymond James lands $700M Truist duo in Florida
Advisor moves: Raymond James lands $700M Truist duo in Florida

&Partners has also added a $357 million Texas family practice, while Janney recruits a $250 million Edward Jones advisor in Miami

Wirehouse moves: JPMorgan taps Merrill veteran for Southeast role as BofA beefs up OCIO team
Wirehouse moves: JPMorgan taps Merrill veteran for Southeast role as BofA beefs up OCIO team

Linda Patel will lead J.P. Morgan Advisors in Florida and Georgia as Bank of America adds nonprofit specialists in New York

Colorado advisor loaded up elderly clients with risky Interval funds: regulator
Colorado advisor loaded up elderly clients with risky Interval funds: regulator

Interval funds and other semi-liquid or illiquid products are typically two to three times more expensive than plain vanilla stock or bond mutual funds or exchange-traded funds.

Investor alleges alkaline water startup hid sales data in white text
Investor alleges alkaline water startup hid sales data in white text

The royalty statements looked normal - until someone checked the electronic files.

SEC alleges fake hedge fund forged seals to steal $130M
SEC alleges fake hedge fund forged seals to steal $130M

They allegedly fabricated SEC certificates to dupe investors.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor