Congressman Cohen Backs Plan to Prevent Tax Hike on Middle Income Families
The people of Memphis and Shelby County are feeling the effects of the economic downturn, and middle income families are struggling to make house payments, fill up their gas tanks and pay for the skyrocketing costs of food and higher education. I was proud to back legislation today that will ensure that families are not forced to pay higher taxes under the Alternative Minimum Tax.
The AMT was originally designed to guarantee that very wealthy individuals don’t avoid paying income tax. However, the tax now threatens to impact middle-class families, including teachers and firefighters. The bill we passed today is just a start, though, because these families will be threatened with the AMT again next year. That is why I support a permanent fix to the AMT to make sure that these taxes never again threaten middle and lower income families for whom they were never intended.
Additionally, the bill we passed today is fiscally responsible and helps bring some fairness back to the tax code. This legislation will not add to the deficit because it’s fully paid-for by closing tax loopholes that allow Wall Street hedge fund billionaires to avoid paying their fair share, cracking down on tax cheats and ending massive government subsidies for oil companies earning record profits.
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Marilyn Dillihay, Press Secretary, 202-225-3265
Charlie Gerber, Communications Assistant, 202-225-3265