A vote to "patch" the alternative minimum tax (AMT) has become almost as predictable as death and taxes. Lawmakers have voted four times, beginning in 2001, to temporarily keep the AMT from hitting millions more taxpayers. But this year, House Democrats ' " pay-go" rules have turned a routine vote into a showdown.

The key battle is whether to raise taxes to pay for the 50 billion dollar hole left in the budget.

Private equity billionaires, who some Democrats call the "Schwarzman Seven" after Blackstone's Stephen Schwarzman and the others firms that make up the private equity council, are fighting the proposal that would force them to pay ordinary income taxes, as opposed to the lower capital gains taxes on their earnings. Private equity and hedge fund firms have put their money behind the battle. They have donated nearly 5 million dollars to Congressional campaigns so far this year, according to opensecrets.org. 83 percent of the donations went to Democrats. While today's vote may make it seem like a wasted effort, the House bill is unlikely to become law. President Bush has threatened a veto, and the Senate is unlikely to go for a bill with the tax increases.