Friday, May 6, 2016

AMT Repeal on House Ways and Means Committee Agenda

The alternative minimum tax should be repealed, in any tax reform bill, according to comments by House Ways and Means Committee Chairman Kevin Brady (R-Texas) on April 29.

Brady noted that his two predecessors leading the Committee, Speaker Paul D. Ryan (R-Wis.) and form Rep. Dave Camp (R-Mich.), also wanted to eliminate it in the context of reshaping the U.S. tax code.  Brady said the AMT is one of a number of tax provisions that work against economic growth and investment, so getting rid of it is a priority.  "That will be one of our key goals," he said.
Brady did not discuss a revenue or policy replacement for the AMT, the repeal of which would significantly increase the federal budget deficit.

No comments: