Posted on 11/23/2007 1:32:29 AM PST by gpapa
WASHINGTON -- Habitual congressional gridlock usually has no impact on the lives of ordinary Americans. But what happened on the Senate floor last Friday just before lawmakers recessed for their Thanksgiving break will delay tax refunds next year for some 50 million taxpayers who count on them.
The underlying reason is a 38-year-old congressional tax blunder that never has been corrected. In 1969, Congress passed the alternative minimum tax (AMT) to collect from 155 tax-avoiding millionaires. But because the scheme was not indexed for inflation, this year alone it would hit 23 million extra people with taxes higher than intended. AMT will be "patched" to provide relief as it is in every Congress, but not in time this year. Refunds totaling over $75 billion will arrive many weeks late not only for taxpayers in the $100,000-to-$200,000 bracket who are unintentionally affected by AMT, but also lower-income persons because the IRS refund procedure will be disrupted by the delay.
(Excerpt) Read more at townhall.com ...
WHAT!!! Our Congress making a blunder???
What a surprise!! (sarc)
maybe its all intentional.....so the amount of money NOT paid gathers enough interest to offset the money owed??
More for the 11% rat to defend next year. I’m in that group, but I’ll gladly wait to make the point that the rat is untrustworthy.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.