Baucus hints at AMT patch vote this week

Senate Democrats this week might try again to push through a one-year repeal of the Alternative Minimum Tax (AMT), Finance Committee Chairman Max Baucus (D-Mont.) said Tuesday.

Baucus told reporters that he expected the chamber to bring up a one-year AMT patch with a two-year extension of expiring tax breaks. The AMT patch would not be offset with revenue-raising measures.

{mosads}“I would like to see that package passed in the next day or two,” Baucus said.

Repealing the AMT is a must for Democrats. Otherwise, up to 25 million taxpayers could be hit with a new tax next April. But the issue is tricky because Democrats have promised to govern responsibly by ensuring that all losses in revenue would be offset by measures to increase money to the Treasury. There is not enough support in the Senate to boost taxes on wealthy Americans to offset the loss in revenue from an AMT repeal.

Republicans blocked Democratic efforts to move an AMT patch before the two-week Thanksgiving recess, complaining that the majority had pushed through the proposal without consulting with them. Baucus said he did not know whether Republicans would support his latest effort.

“No, but I hope to,” Baucus said when asked if he had a deal with Republicans.