Thousands of Sacramento Residents Must Receive Tax Relief
Rep. Doris Matsui Speaks in Support of Critical Tax Bill That Will Protect Middle-Class Families
Wednesday, December 12, 2007
Today, the U.S. House of Representatives will vote on the Alternative Minimum Tax (AMT) Relief Act (H.R. 4351). Without an extension of AMT relief, thousands of hard-working residents of the Sacramento region would be forced to pay the AMT this year. Rep. Matsui spoke in favor of the bill and called on the Senate and the President to ensure that the AMT does not unduly affect American families.
In 2005, 4,435 households in Sacramento paid the AMT. Without the legislation before the House of Representatives today, it is anticipated that 37,077 Sacramento families will be forced to pay the AMT.
"The people of the Sacramento region who work hard to pay their bills should not be subjected to a tax that was designed for the extremely wealthy. We must act now to ensure that middle-class families are not hit with this unfair and intrusive tax," said Rep. Doris Matsui.
"It is the responsibility of Congress to identify problems like this and take action to protect honest, hard-working Americans. By passing this bill, we will save thousands of families from unwarranted taxes next year," said Rep. Matsui.
H.R. 4351 would extend for one year AMT relief for nonrefundable personal credits, and increase the AMT exemption amount to $66,250 for joint filers and $44,350 for single filers. These measures will ensure that no additional taxpayers are liable for the AMT this year. The legislation would also increase the eligibility for the refundable child tax credit in 2008 by lowering the income floor for qualification to $8,500.
"I am determined to provide protection and relief to the families of Sacramento and across the country. It is time to put American families first," said Rep. Matsui.
"I call on my colleagues in the Senate to send this critical legislation to the President before the end of the year. The President must stop waving his veto pen, and pay heed to the very real and pressing concerns of American families," said Rep. Matsui.
