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Tax cut plan may hit middle class households hard
Democratic staff warn the proposed tax cut with 500 per child and college credits could be eroded by the alternative minimum tax AMT. They estimate at least 2 million taxpayers would lose part or all of the 504 child credit by 2002. The AMT, unadjusted for inflation, could pull middle income families into higher tax, despite promised breaks. Experts say many may need an accountant to navigate the new rules.
MENTIONED IN THIS ARTICLE
Washington
House
Ways and
Meims
AMET
Barbara Kennelly
D-Cent
Ways and Means
Ed An
White House
Wiy
Kennelly
Kenneth Kies
Joint Committee of Taxation
Kies
Senate
Congress
Hope
AMT
Ways and Means Democratic
Kpmg Peat Marwick