Hope for Alternative Minimum Tax Reform
I was encouraged when I read the Nov. 11 front-page article "Alternative Minimum Tax Targeted," about the Democrats' commitment to addressing the inequities of the tax. In fact, there is a strong history of bipartisan congressional support on this issue.
Across the country, the alternative minimum tax's treatment of incentive stock options is ravaging hardworking Americans who, because of an unintended quirk of the law, must pay hundreds of thousands of dollars in taxes on income they never received.
A bill in the House introduced by Rep. Sam Johnson (R-Tex.) with lead Democratic co-sponsor Richard E. Neal (Mass.) and more than 60 other bipartisan co-sponsors would return these overpayments.
Sens. Charles E. Grassley (R-Iowa), Tom Harkin (D-Iowa), John F. Kerry (D-Mass.), Joseph I. Lieberman (D-Conn.) and Charles E. Schumer (D-N.Y.) have gone on record as supporting a remedy. Families and workers nationwide are hopeful that their long wait for justice is almost over and that Congress will seize this opportunity to correct this severely unfair aspect of the alternative minimum tax.
Coalition for Tax Fairness