Congress also still has before it what to do about the alternative minimum tax, which lawmakers want to freeze this year to protect millions of taxpayers.
Nor is it eager to deal with the prospect of the alternative minimum tax, which was intended for high-income earners, harming many middle-class taxpayers.
Or repealing the alternative minimum tax, which would make it easier for other corporations to do what Enron pulled off and pay no taxes at all?
The bill also repeals the alternative minimum tax, which was designed to ensnare rich people with clever accountants and a lot of sheltered income.
The House and Senate remain divided over how to fix the alternative minimum tax, which will drill a hole in the wallets of 23 million Americans next year.
We're going to phase out the Alternative Minimum Tax — which these days seems more like an Alternative Maximum Tax to the millions of families it affects.
It proposes to eliminate the alternative minimum tax, which was designed to collect income from the wealthy that had been sheltered in deductions and loopholes.
So Congress provides temporary relief from year to year, the same way it takes care of the Alternative Minimum Tax, which snares more middle-income families every year.
If not for the Alternative Minimum Tax, which he and other Republicans want to get rid of, his effective tax rate would have been about 3.5percentnt.
If Bush is reëlected, the anticipated reform of the Alternative Minimum Tax, which Republicans in Congress loathe, may well serve as the pretext for this agenda.
Millions of middle-income taxpayers will have to pay the alternative minimum tax — which was intended only for the richest Americans — when they file their returns next year.
