(Archived Content)
2007-11-9-9-59-18-13281
In a recent letter to Congress, Secretary Paulson asked Congress to enact an AMT patch quickly, so to protect millions of Americans from having to pay more taxes this year, and to prevent delays in taxpayer refunds. To avoid confusion and delays for taxpayers, it is critical that an AMT patch be enacted by early November. If Congress fails to act, we estimate that 25 million taxpayers will be subject to AMT in 2007 – 21 million more than were subject to the tax in 2006. In addition, Secretary Paulson wrote that if a patch is not enacted until mid-December, an additional 25 million taxpayers--50 million total--could see delays in up to $75 billion dollars in refunds. Treasury Deputy Assistant Secretary for Tax Policy Karen Gilbreath Sowell echoed Secretary Paulson's comments yesterday: It is incumbent for Congress to act as soon as possible so that we can get our normal filing process systems underway so we can process these returns as they come in and give taxpayers their refund checks that they so deserve.