General News: Rep. Hall Announces New Tax Proposal
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| Congressman Hall (center) with John Yates and Mary Latino in their Cornwall-on-Hudson home. |
April 20, 2010
U.S. Representative John Hall (NY-19) visited Cornwall-on-Hudson on Monday, holding a press conference at the Clark Avenue home of John Yates and Mary Latino. Hall used the visit to announce his new proposed legislation that would reduce the impact of the alternative minimum tax (AMT) on working families.
In his announcement, Hall explained that his proposal would reduce the number of Hudson Valley residents who are affected by the AMT by increasing the exemption amount to $75,000 for individuals and to $100,000 for joint filers.
Rep. Hall pointed to Yates and Latino as perfect examples of how the AMT has gone too far. This middle class couple, who work hard to pay their bills and provide for their children, is considered “rich” by the AMT’s standards, he said. They declare their children as dependents on their tax return, which triggers the AMT—and drastically increases their tax burden.
“We took out a second mortgage on our home to help fund our two sons’ college educations—and that resulted in our having to pay the AMT,” said Latino. “It’s not fair. Practically everyone we know here in Cornwall-on-Hudson has been hit by the AMT.”
“One of the cruel things about the AMT is because the formula is so complicated, people don’t know if they’ll have to pay it until they do their taxes,” said Rep. Hall. “So, when they get hit by a big bill they weren’t prepared for, they’ve got little time to figure out how to pay the additional amount they owe on their taxes.”
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