Bunning Sponsoring Legislation To Repeal Alternative Minimum Tax

LOUISVILLE, Ky. (AP) - U.S. Sen. Jim Bunning said Tuesday he has
introduced legislation to repeal a tax originally targeted at the
wealthy but that now affects millions of middle-income people.

Bunning, R-Ky., said he's co-sponsoring a bill that would do
away with the alternative minimum tax.

"It's really hurting the every day, ordinary American
severely," Bunning told Kentucky reporters during his weekly
conference call.

The tax was created in the late 1960s to ensure that a very
small number of wealthy people could not use tax breaks or
deductions to avoid paying any taxes.

But it was never indexed for inflation, and every year the AMT
draws in more middle-income taxpayers.

"If we don't do something about it .... on a permanent basis,
it will get up to about 90 million taxpayers in five years,"
Bunning said. "It was never meant to do that."

Bunning said the tax is being levied on millions of
middle-income people with families - something it was never
intended to do.

He said repealing the tax would cost the federal treasury about
$1 trillion in revenue.

"There are a lot of us that think we should repeal it and
charge it off, not pay for it," Bunning said. "In other words,
not increase taxes on other people, or taxes on businesses ... to
pay for a tax that was never intended to affect the taxpayers it is
affecting right now."

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