The House passed a tax reform bill on Friday aimed at reducing the burden of the Alternative Minimum Tax for middle-class Americans. The bill would raise taxes on hedge-fund and private equity firm managers to offset lost revenue.
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House Democrats brought a measure to the floor today that would shield millions of middle-class households from the alternative minimum tax, or AMT.
REP. NANCY PELOSI (D-CA), Speaker of the House: This legislation is important because it provides long-overdue middle-class tax relief.
Republicans said they were all for doing away with the tax, but rejected the way the Democrats proposed to do it.
REP. JEB HENSARLING (R), Texas: All they're doing is re-arranging the deck chairs on the Titanic tax ship.