HOUSE Key Vote Alert - AMT Patch
KEY VOTE ALERT
"NO" on Fully Offset AMT Patch (H.R. 6275)
The Club for Growth urges Members of the U.S. House to vote "NO" on the AMT Patch (H.R. 6275). A floor vote is expected later this week, at the earliest. This key vote will be part of our 2008 Congressional Scorecard.
Although this bill provides a necessary one-year AMT patch that prevents a looming $61.5 billion tax hike, it also contains an equal amount in anti-growth tax hikes on a number of things, including carried interest, oil and gas companies, and foreign companies operating in the United States.
One of these tax hikes is on "carried interest" charged by various investment firms. In effect, this tax increase would reduce the incentive to provide much needed capital necessary for expanding growth, jobs, and innovation. The tax hikes on oil and gas companies will suppress supply, making high energy costs even higher. The tax on foreign companies will have a similar effect. It will result in higher prices for the consumer, which could stifle production, reducing job growth and innovation.
Our Congressional Scorecard for the 110th Congress provides a comprehensive rating of how well or how poorly each member of Congress supports pro-growth, free-market policies and will be distributed to our members and to the public.
UPDATE: The House passed it 233-189.
