AMT Patch passes in the House

[TripletDaddy]

The Bill that Sen Rengel (Dem, NY) proposed was passed by The House late last week. Step 1 out of the way.

Now to see whether the Senate passes it.

It was estimated that AMT was going to bite about 25 million people in the rear at an average of about $2,500 per taxpayer, mostly people who are "borderline" waelthy, meaning not the uber-rich, but college grads who are doing well for themselves and earing a nice salary, but are no means millionaires.

The proposed patch would increase the exemption for joint filers to $66,250 and for individuals, $44,350.

Interestingly, Harry Reid has stated that the Senate will not pass an AMT patch before December. I guess Senators need 4 weeks off before they reconvene in mid-December and then take another 4 weeks off....