Today, the House passed H.R. 6275, the Alternative Minimum Tax Relief Act, sponsored by Rep. Charles Rangel (D-NY). This atrocious bill would impose $61.6 billion in permanent tax increases on businesses and individuals over eleven years in order to temporarily prevent for just one year a huge, unintended tax increase. This bill would place a one-year “patch” on the exemption level for the Alternative Minimum Tax (AMT), without which more than 25 million taxpayers would be subject to a large tax increase beginning in tax-year 2008.
Congressman Charles Rangel (the bill’s architect) and I had a nice little debate about it on CNBC’s Squawk Box this morning.