BERKLEY TAX RELIEF PACKAGE ADVANCES

Ways and Means Committee OK’s Bill Eliminating Alternative Minimum Tax Liability for 25 Million Americans

(June 18, 2008 -- Washington, D.C.) More than 25 million Americans will be protected from the alternative minimum tax (AMT) under legislation cosponsored by Congresswoman Shelley Berkley and passed today by the House Ways and Means Committee. Crafted by Berkley and her Democratic colleagues on the House Ways and Means Committee, the legislation eliminates AMT liability for a majority of Nevada households.

“Last year I helped craft the package that protected more than 115,000 taxpayers in Nevada from the AMT. With today’s vote, we are acting once again to eliminate this liability for the majority of middle class families in Las Vegas and across the Silver State,” said Berkley. “The AMT was never meant to target working families and this package will provide 25 million Americans across the nation with vital tax relief.”

Originally designed to prevent extremely wealthy individuals from avoiding the payment of any taxes, the AMT over time has grown to include millions of middle class families. The AMT package will block liability for single taxpayers earning as little as $46,200 per year in adjusted gross income and for joint filers earning $69,950 or below in adjusted gross income annually. The bill must next be considered for a vote before the full House.

“In the First Congressional District alone, more than 32,000 taxpayers will see their AMT liability disappear as a result of our legislation, but we need bipartisan cooperation in order to get this package through Congress and signed into law,” said Berkley.

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