"Since I took office, we've cut taxes for every American who pays income taxes. [Congress' budget] allows the tax relief we delivered to be taken away. Here's what that would mean for the average taxpayer: If you have children, your taxes would rise $500 per child. If you have a family of four making $60,000 a year, your taxes would be more than $1,800 higher. If you're a small business owner, your taxes would increase almost $4,000. The price of these tax increases would not be paid in the halls of Congress it would be paid in living rooms and shop floors and office buildings across America."
President George W. Bush, 11/13/07
The New York Times inaccurately claims President Bush "devotes much of his energy to prevent Democratic majorities in Congress from raising taxes on high-income households." (Edmund L. Andrews and Robert Pear, "Bush, Confident On Economy, Vetoes Domestic Spending Bill," The New York Times, 11/14/07, Emphasis Added)
If Congressional Democrats allow the President's tax relief to expire, EVERY American who pays income taxes will face a tax increase:
The average taxpayer with children would see their taxes raised by $500 per child;
A family of four making $60,000 a year would face a tax increase of more than $1,800 a year, on average;
Around 26 million small business owners would suffer a tax increase of more than $4,000 a year, on average; and
5 million low-income Americans who currently do not pay income taxes would be forced to once again pay income taxes
The New York Times ignores the President's call for Congress to prevent a tax hike for 25 MILLION Americans by passing AMT relief without raising taxes. THE PRESIDENT:"In recent years, Congress has passed a temporary 'patch' that prevents most middle class taxpayers from having to pay the AMT. But this year, Congress has not done so. With no relief in place, 25 million taxpayers would be subject to the Alternative Minimum Tax. Congress should eliminate the tax increases in the bill, and send the AMT relief to my desk as soon as possible." (President George W. Bush, Remarks On The Budget, New Albany, IN, 11/13/07)
If Congress does not get an AMT patch to the President's desk in the next few weeks, 25 million taxpayers will face an unexpected tax increase averaging $2,000 when they file taxes next year.
If a patch does not reach the President's desk until after Thanksgiving, as many as 50 million taxpayers could face delays in the processing of their returns, and $75 billion in refund checks could be delayed. This would amount to forcing American taxpayers to extend a $75 billion no-interest loan to the IRS.
Senate Majority Leader Harry Reid (D-NV) has already ruled out the possibility of sending an AMT patch to the President by Thanksgiving. Q: "Will you have an AMT patch to the White House before Thanksgiving?" SEN. REID: "No." (Sen. Harry Reid (D-NV), Media Availability Following Senate Policy Luncheons, Washington, DC, 11/6/07)
The House passed a bill that provides AMT relief for 2007 but raises taxes on others. Preventing a tax increase in one area should not be an excuse for raising taxes in other areas.