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Democrats Want Tax Fix on Obama Stimulus Bill

WASHINGTON (AP) - President-elect Barack Obama's Democratic
allies on Capitol Hill want to use his jobs creation bill to extend
a middle class tax cut despite concerns from Obama's transition
team that it won't boost the economy.
New York Democrat Charles Rangel, Congress' top tax writer, says
lawmakers feel strongly about using Obama's economic recovery
package to advance the annual fix to the alternative minimum tax
now instead of later in the year.
It'll cost about $70 billion to fix the AMT, which means other
job-creating tax cuts would have to be trimmed.
The AMT was designed in 1969 to make sure wealthy taxpayers pay
at least some tax. Now it threatens to snag about 20 million
taxpayers for whom it was never intended.
Obama's transition team says the president-elect will travel to
a Cleveland suburb on Friday to promote his mammoth spending plan
to boost the economy.
Obama plans to tour and visit with workers at the Cardinal
Fastener & Specialty Company in Bedford Heights, Ohio. The company
makes parts used to construct wind turbines.
The event will be Obama's first campaign-style appearance
intended to drum up support for his plan that could cost $775
billion.


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