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REPEAL AMT WITHOUT TAX REFORM?

May 24, 2005

The ranking members of the Senate Finance Committee, including Senator Grassley, have introduced a bill to repeal the alternative minimum tax independent of tax reform. The bill provides no offset for the $600 billion to $1 trillion revenue reduction slated for the bill over the next ten years.

This is a high-powered bipartisan lineup (tri-partisan, if you count Senator Jeffords as an independent). Still, it's hard to imagine this passing outside of tax reform; it could kill any tax reform effort by forcing it to include a big tax increase. Maybe that's the point.

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