Bill Blocks Tax Increase for Many Middle-Class Families

Summary

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WASHINGTON (AP) - The Senate voted Thursday to block a looming tax increase averaging $2,000 for millions of taxpayers after Senate Republicans succeeded in thwarting a Democratic plan to also raise taxes on investors.

The Senate bill, passed 88-5, provides a one-year fix for the alternative minimum tax but without matching the cost of the tax relief with new tax revenues. Without the fix, an estimated 25 million people would be subject to the higher AMT tax, up from 4 million in 2006.

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Bill Blocks Tax Increase for Many Middle-Class Families

The Senate vote puts it at odds with the House, where Democratic leaders, under a princi...

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