As the end of House Democrats, led by Charles Rangel of New York, continue to push for reform of the Alternate Minimum Tax (AMT) which affects more middle-class Americans each year.

Rangel’s bill, which requires $55.7 billion in offsets to pay for it, has drawn criticism from White House officials, as well as House and Senate Republicans for increasing taxes on businesses which are foreign-based but have employees stationed in the U.S. and other domestic business concerns.

In a report, Administration officials chided House Democrats for what may amount to a delay in tax season filing and the issuance of refund checks in 2008. They also indicated a veto from the President would be almost certain if the bill remains in its current state.

Find out more information about the AMT reform proposal at http://thomas.loc.gov/.

To read the Bush Administration’s policy statement regarding the bill, visit http://www.whitehouse.gov/omb/legislative/sap/110-1/hr4351sap-h.pdf.