Press Releases
Senator Roberts Introduces Bill Aimed at Tax Fairness;
Thousands of Kansas Taxpayers Could Be Helped
Nov 08 2007
WASHINGTON, DC - U.S. Senator Pat Roberts (R-KS) joined several members of the Senate Finance Committee to introduce comprehensive tax relief legislation to permanently repeal the Alternative Minimum Tax (AMT) and to make permanent other tax relief to protect millions of middle-income Americans, small business owners, and seniors facing a higher tax burden.
This legislation would be a great help to Kansans. In 2006, approximately 22,000 Kansans paid the AMT. An additional 120,000 Kansans will pay AMT unless Congress acts this year to repeal or provide temporary relief from the AMT.
Enacted 40 years ago, the AMT was originally intended to ensure that 155 high-income earners paid federal income tax. However, because Congress has not indexed the AMT exemption amounts for inflation, the AMT is impacting middle-income taxpayers. Without action this year to address the growing reach of the AMT, more than 23 million taxpayers will pay AMT next year.
The bill also makes permanent the current income tax rates and extends the current rates on capital gains and dividend income. Making these provisions permanent will benefit more than 90 million taxpayers. More than 895,000 Kansas taxpayers benefit from lower income tax rates, 311,000 Kansas taxpayers benefit from lower dividend rates, and 265,000 Kansas taxpayers benefit from the lower capital gains rate.
“These lower rates have put more money in the pockets of Kansas taxpayers and have helped grow our economy so it makes sense to make them permanent,” Roberts said. “I have heard from hundreds of Kansans at town hall meetings and in correspondence that the AMT is an unfair tax on middle-income taxpayers. I agree.”
The Alternative Minimum Tax (AMT) Repeal and Tax Freedom Act was introduced by Senator John Ensign (R-NV) and co-sponsored by Senator Roberts. Senator Roberts is a member of the Senate Finance Committee.
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This legislation would be a great help to Kansans. In 2006, approximately 22,000 Kansans paid the AMT. An additional 120,000 Kansans will pay AMT unless Congress acts this year to repeal or provide temporary relief from the AMT.
Enacted 40 years ago, the AMT was originally intended to ensure that 155 high-income earners paid federal income tax. However, because Congress has not indexed the AMT exemption amounts for inflation, the AMT is impacting middle-income taxpayers. Without action this year to address the growing reach of the AMT, more than 23 million taxpayers will pay AMT next year.
The bill also makes permanent the current income tax rates and extends the current rates on capital gains and dividend income. Making these provisions permanent will benefit more than 90 million taxpayers. More than 895,000 Kansas taxpayers benefit from lower income tax rates, 311,000 Kansas taxpayers benefit from lower dividend rates, and 265,000 Kansas taxpayers benefit from the lower capital gains rate.
“These lower rates have put more money in the pockets of Kansas taxpayers and have helped grow our economy so it makes sense to make them permanent,” Roberts said. “I have heard from hundreds of Kansans at town hall meetings and in correspondence that the AMT is an unfair tax on middle-income taxpayers. I agree.”
The Alternative Minimum Tax (AMT) Repeal and Tax Freedom Act was introduced by Senator John Ensign (R-NV) and co-sponsored by Senator Roberts. Senator Roberts is a member of the Senate Finance Committee.
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