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Alaskan Congressman Don Young voted yes today on H.R. 3996, the Tax Increase Prevention Act of 2007. This bill amends the Internal Revenue Code to extend through 2007 for individual taxpayers: (1) the increased alternative minimum tax (AMT) exemption amounts; and (2) the offset of nonrefundable personal tax credits against regular and AMT liability.

"The AMT for individuals was originally enacted to ensure that all taxpayers, especially high-income taxpayers, pay at least a minimum amount of federal taxes," said Rep. Young. "It was never indexed for inflation, however, and now middle-income earners find themselves in a higher tax bracket.

"Currently we are passing a "patch" that will prevent 23 million Americans from getting caught in the crosshairs of this archaic tax law. Families are paying a tax they were never meant to pay because Congress, under its new leadership, is incapable of working as one right now. That’s shameful. By increasing the tax burden on businesses and families, we are stifling our economy.

"The Majority left this important vote until the very last minute of the Congressional year, and now it’s possible that the tax refunds that so many Americans depend on will be delayed. That’s just irresponsible. However, I’m happy that the American people were able to dodge a bullet today; next year they won’t have to pay taxes they should never be paying to begin with. I encourage our new Majority to stop toying with the paychecks of hard-working Americans!"

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