Hedge fund executives won't be allowed to defer taxes on unlimited funds in offshore accounts under a bill approved by the U.S. House today that also shields millions of taxpayers from the alternative minimum tax.The whole point here is to "give tax relief to 23 million Americans," as Speaker Pelosi says, while making up the lost revenue by closing a loophole that currently allows rich hedge fund CEOs to move their profits offshore in order to avoid paying taxes. Why would Frank Wolf oppose this? Apparently, he cares more about those hedge fund CEO's and their tax avoidance schemes than the 23 million Americans who will could be stuck paying the AMT this coming April. Thanks, Rep. Wolf, for caring so much about your constituents!
Wednesday, December 12, 2007
Wolf Votes Against AMT Relief
Earlier today, the House of Representatives passed the AMT (Alternative Minimum Tsx) Relief Act by a 226-193 margin. The bill would "amend the Internal Revenue Code of 1986 to provide individuals temporary relief from the alternative minimum tax." In addition, Bloomberg reports: