Bush Backs Off on AMT Repeal
While Congress debates possible scenarios for an economic stimulus package that will accelerate tax cuts and provide additional relief, President Bush is adding some incentives of his own to move the legislation along.
On Tuesday, the White House announced it would back off on its pressure to include a repeal of the corporate alternative minimum tax in the economic stimulus package. In addition, White House spokesman Ari Fleischer indicated that President Bush was willing to support accelerating the tax cut to only the taxpayers in the 25 percent federal income tax bracket and below instead of all taxpayers.
Mr. Fleischer also stated that the President is willing to support an expansion of unemployment assistance in an attempt to encourage members of Congress to reach a compromise before the holiday break.