U.S. Representative Rick Larsen (WA-02) released the following statement today in support of legislation to provide Alternative Minimum Tax (AMT) relief for middle-class families, extend Washington state’s sales tax deduction for one year, and put money back in the pockets of college students, teachers, homeowners and other working Americans. The tax relief bill (H.R. 3996) passed the House today by a vote of 216 to 193.
“The passage of a one-year AMT fix sends two important messages: Democrats continue to be the party of middle-class tax relief, and we continue to be the party of fiscal responsibility.
“The alternative minimum tax was originally intended to eliminate loopholes and make sure wealthy Americans paid their fair share of taxes. But because AMT legislation failed to take inflation into account, millions of middle-class families face a tax hike this year if Congress fails to act.
“This legislation will make a real difference for middle-class families. In 2005, 3,572 families in Northwest Washington paid the alternative minimum tax. But if Congress fails to take action this year, 46,067 middle-class families in Northwest Washington will be burdened by the alternative minimum tax.
“This legislation is fiscally responsible, and shows once again that Democrats are the party of “pay as you go,” while the Republicans are the party of “borrow and spend.” Make no mistake -- the days of deficit spending are over. We will not leave our children footing the bill by racking up deficits now.”