Sen. Mitch McConnell was on The Pulse with Leland Conway this morning. They discussed Sen. McConnell's fight to cut taxes, including a permanent fix for the Alternative Minimum Tax (AMT).
Congress created the AMT nearly 40 years ago to target a small group of less than 200 wealthy Americans who managed to pay no income tax. But Congress failed to index the tax to inflation. As a result, a tax that was meant to affect only two out of every million taxpayers could ensnare 25 million in 2008.
Last year Congress passed a last-minute patch ensuring that millions of middle-class families would not be forced to pay the AMT for 2007. But if Congress fails to take additional action, 174,000 middle-class Kentuckians will be subject to massive tax increases for 2008.
Senator McConnell is working for a permanent fix to the AMT problem and is leading the fight to stop some in Congress who want to use an AMT fix as an excuse to raise new taxes.
You can listen to the conversation about tax cuts below or on the website of WLAP radio here.