AMT bill unlikely to become law

Legislation that would save about 25 million taxpayers from paying the AMT this year was approved today by a vote of 233-189 in the House.
JUN 25, 2008
Legislation that would save about 25 million taxpayers from paying the AMT this year was approved today by a vote of 233-189 in the House. The legislation, which is not likely to pass the Senate, would provide relief from the alternative minimum tax for only one year, while permanently raising taxes on hedge fund managers. Taxes would be increased by $31 billion over the next 10 years on hedge fund managers by increasing income taxes on them. Under the legislation, taxes would be raised $61.6 billion over the next 10 years. House Democrats voted 223-6 in favor of the bill, while House Republicans overwhelming voted against it, 10-183. “The main difference between Democrats and Republicans is that Democrats don’t believe we should pay for the cost of this bill by adding to the national debt,” Ways and Means Committee chairman and bill author Charles Rangel, D-N.Y., said in a statement. “We know how this political exercise is going to end,” Ways and Means ranking member Jim McCrery, R-La., said in a separate statement. “Congress will eventually pass an AMT patch without tax increases as was done last year. I look forward to the Senate removing these ill-advised tax increases and helping us pass a clean AMT patch.”

Latest News

People moves: RBC taps Raymond James veteran for Texas complex
People moves: RBC taps Raymond James veteran for Texas complex

Meanwhile, DPL Financial Partners adds two annuity executives and Prime Capital Financial hires a Mid-Atlantic retirement plan consultant

Ex-LPL, special needs advisor pleads guilty in fraud case
Ex-LPL, special needs advisor pleads guilty in fraud case

Andrew Komarow pleaded guilty Thursday in federal court in Hartford to defrauding three financial services companies of close to $3.3 million.

Advisor moves: Raymond James lands $700M Truist team in Naples
Advisor moves: Raymond James lands $700M Truist team in Naples

Elsewhere, Cetera picks up a $210 million Connecticut team from MML, while Wells Fargo FiNet adds a San Diego family practice from LPL

Investor accuses Lasater Capital of hiding $100M in fund defaults
Investor accuses Lasater Capital of hiding $100M in fund defaults

Celebrity endorsements, $500M in claimed assets, and a state regulator stepping in.

American Express to make job cuts as AI revolution ramps up
American Express to make job cuts as AI revolution ramps up

“We needed to become a more agile and efficient organization,” said American Express CEO Stephen Squeri.

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