Congress Leaders Pledge to Offer More Tax Relief

Summary

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WASHINGTON - Leaders from both parties in Congress vowed Tuesday to spare more than 21 million taxpayers from significant tax increases when they file their returns next spring by adjusting the alternative minimum tax before the end of the year.

The tax was first enacted in 1969 to make sure higher-income taxpayers could not use deductions and credits to avoid paying any federal income tax. The income limits, however, were not indexed for inflation, so Congress routinely fixes the AMT each year to spare millions of middle income taxpayers from tax increases that would average about $3,900.

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Congress Leaders Pledge to Offer More Tax Relief

Congress hasn't made the change for 2010. In a letter to the IRS, Democratic and Repu...

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