Lawmakers: Tax aimed at the wealthy may sting middle class

NORTH BABYLON - Rep. Steve Israel (D-N.Y.) is sounding the alarm because he says his congressional colleagues have failed to enact a work-around for a tax that may sting millions of middle-class New Yorkers. More than 40 years ago, the Alternative Minimum Tax, or AMT, was enacted to ensure the wealthiest Americans paid their fair share of taxes. Every year, Congress has passed a legislative fix, called a patch, to protect middle class families from getting hit with the AMT. Because the tax was not designed to keep pace with inflation, Israel says it may now come back to bite millions of families in New York. Some families with incomes as low as $45,000 may be slapped with a $3,900 tax, the congressman says. Israel says he plans to propose legislation next month calling for a temporary fix to the AMT.

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