Crowley, Maloney Hail Tax Bill
BY JOHN TOSCANO

Congressmembers Joseph Crowley and Carolyn Maloney

The House of Representatives passed a tax bill last week which Democrats said will provide tax relief to 84 million hardworking middle-class families, much of it from changes in the alternative minimum tax (AMT), which was originally aimed at high-income earners but gradually victimized many middle-income taxpayers.

Congressmember Joseph Crowley hailed the bill stating, "With this legislation, not only will we save families an average of $3,600 by sparing them from the AMT tax, but also provide relief for homeowners, make college tuition more affordable, expand the child tax credit and strengthen tax relief for our military personnel."

Congressmember Carolyn Maloney also applauded the bill; saying "While fixing the AMT is of utmost importance, we cannot afford to mortgage our children's and grandchildren's futures to pay for this tax relief. Our country is currently burdened with over $9 trillion of national debt with each American's share at nearly $30,000. We simply cannot afford to keep adding to our debt."

The bill was passed in the Democratcontrolled House by a 216- 193 vote. However, the legislation faces an uncertain fate in the Senate and a possible veto from President George W. Bush.

Crowley (D- Queens/The Bronx) said the bill will keep 550,000 New York City residents from having to pay the AMT. Of this group, 30,000 are his constituents in Northwest Queens and the Eastern Bronx.

Maloney said that under the bill which passed, almost 111,000 of her constituents would be spared from paying the AMT.

The bill was authored by Congressmember Charles Rangel (D- Harlem), chairman of the powerful House Committee on Ways and Means, of which Crowley is a member.

Crowley said under the bill, the deduction for college tuition would be extended, new tax protections for homeowners who are in foreclosure would be provided and a new deduction for mortgage insurance would be created to help first-time homebuyers.

In addition, the bill creates a new $700 standard deduction for property taxes to alleviate the cost of skyrocketing local property taxes and extends tax provisions to help military personnel serving in uniform.

Crowley concluded, "By restoring fairness to the tax code, we are responsibly providing tax relief to our hardest working citizens- not by borrowing from foreign creditors on the backs of our children."

Under the bill, the benefits for working class taxpayers would be paid for in part by ending tax breaks for private equity funds, hedge funds and other partnerships.