Tell Congress to vote NO to Republican efforts to extend the Alternative Minimum Tax (AMT) to the middle class. Yes, that’s what the Republican effort to limit deductions for mortgage interest, charitable donations, excess healthcare costs and to “broadening the tax base” is designed to do. Why should the middle class pay what the millionaires hate to pay?
Why is this important?
Many middle class families depend on the mortgage deduction (and property tax deduction) in order to afford the home they own. The healthcare deduction above a percentage of income saves many famlies from bankruptcy. The purpose of the The Alternative Minimum Tax was to prevent millionaires from having enough deductions to avoid paying income taxes. It should not be applied to struggling middle class families. Further, the unexpected consequence might be a collapse of the Real Estate Market.
