Coalition for Tax Fairness and ReformAMT Praise Congress on Passage of Legislation that Provides Relief for Victims of the AMT Treatment of Incentive Stock Options.Landmark Legislation Provides Hope for Hardworking Americans WASHINGTON -- The Coalition for Tax Fairness (CTF CTF Capture The Flag CTF Child Trust Fund (UK) CTF Canadian Tax Foundation CTF Canadian Taxpayers Federation (lobby group) CTF Canadian Television Fund CTF Canadian Teachers' Federation ) and ReformAMT, organizations working to address the Incentive Stock Option Alternative Minimum Tax (ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. AMT See vPro. ) crisis, applaud Congress for passing legislation that takes a significant first step toward providing relief for many workers suffering from unintended, severely disproportional dis·pro·por·tion·al adj. Disproportionate. dis pro·por AMT tax burdens. H.R. 3385 - the basis for the legislation - was sponsored by Congressman Sam Johnson
Samuel Robert "Sam" Johnson (born October 11, 1930) is an American politician. He currently is a Republican member of the U.S. (R-TX) with lead cosponsor co·spon·sor tr.v. co·spon·sored, co·spon·sor·ing, co·spon·sors To function in the capacity of a joint sponsor of: corporations that cosponsored a marathon. n. Congressman Richard Neal
Richard Edmund Neal (D-MA) and co-sponsored by 60 other bipartisan Representatives, including 15 Ways and Means WAYS AND MEANS. In legislative assemblies there is usually appointed a committee whose duties are to inquire into, and propose to the house, the ways and means to be adopted to raise funds for the use of the government. This body is called the committee of ways and means. Members. H.R. 3385 addressed the fair return of ISO AMT tax prepayments that have unintentionally become what Representative Johnson has termed, "interest-free loans to the government." ISO AMT victims - employees of small and large companies across America - were, due to an unintended flaw in the tax code, forced to pay taxes up to and exceeding 300 percent of their annual salaries, based on phantom "income" they never received. The legislation just passed by Congress provides relief to many of these families by accelerating the refund of stranded ISO AMT overpayment o·ver·pay v. o·ver·paid , o·ver·pay·ing, o·ver·pays v.tr. 1. To pay (a party) too much. 2. To pay an amount in excess of (a sum due). v.intr. To pay too much. credits that under current law would not be returned within the taxpayer's lifetime. The legislation lays an important foundation for resolving the ISO AMT crisis and addresses a severe inequity within the tax code. Two important steps remain: addressing on-going liability, interest and penalties being assessed on tens of thousands of ISO AMT victims across the country, and extending the relief to all families regardless of income bracket Noun 1. income bracket - a category of taxpayers based on the amount of their income income tax bracket, tax bracket bracket - a category falling within certain defined limits income bracket n → . "The Coalition for Tax Fairness commends Congress for passing legislation that will bring hope and relief to hundreds of thousands of American families. We are especially grateful to Representative Sam Johnson for his leadership and the many bipartisan cosponsors in the House, including Representatives Neal, Ramstad (R-MN), McCrery (R-LA) and Lofgren (D-CA), and to Senator Charles Grassley (R-IA), who together led the way in championing this relief legislation for their constituents and for all American workers," stated Tim Carlson, President of the Coalition for Tax Fairness. "We look forward to working with Congress next year to provide fair treatment for all American families and workers. We respectfully urge Congress to issue explicit instructions to the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. that as part of the Congressional intent and desire to remedy this unintended inequity in the tax code, the IRS should cease penalizing victimized taxpayers still struggling with offers in compromise." "This legislation goes a long way toward restoring fair and proportional taxation and helps to foster the continued innovative spirit that is the foundation of American business," said Lezlee Westine, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of TechNet. "All American workers and their families should be treated fairly under the tax laws." "After nearly six years of working on a legislative remedy for the thousands of hardworking families who were financially devastated dev·as·tate tr.v. dev·as·tat·ed, dev·as·tat·ing, dev·as·tates 1. To lay waste; destroy. 2. To overwhelm; confound; stun: was devastated by the rude remark. by ISO AMT, we are grateful for this landmark victory that will provide relief to so many people," stated Jay Cena, co-founder, ReformAMT (www.reformamt.org). "Next year we look forward to working with Congress to further our goal of ensuring fair treatment for all American taxpayers. Regardless of income bracket, families can't afford to pay 300% or higher tax rates, and the income phase-outs have a particularly harmful affect on entrepreneurial ISO AMT victims in California, Massachusetts, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Connecticut and Virginia." About the Coalition for Tax Fairness The Coalition for Tax Fairness (CTF) is a non-partisan, non-profit organization that is supporting a legislative initiative to fix the current Incentive Stock Option Alternative Minimum Tax (ISO AMT) crisis. This growing problem was brought on by outdated laws unfairly affecting an unprecedented number of citizens, resulting in extremely disproportional taxes based on income that will never be received. CTF is working together with individuals and organizations such as ReformAMT, through education, legislative initiatives, and grassroots efforts to help reform the ISO AMT tax law and alleviate this catastrophic situation. CTF was founded by ISO AMT victims and is managed by a group of national volunteers. For more information, visit www.fair-iso.org. About TechNet TechNet is the national, bipartisan network of CEOs that promotes the growth of technology industries and the economy by building long-term relationships between technology leaders and policymakers and by advocating a targeted policy agenda. TechNet's members represent more than one million employees in the fields of information technology, biotechnology, e-commerce and finance. TechNet has offices in Washington, DC, Palo Alto, Seattle, Boston, Austin, and Orange County (California). Web address: www.technet.org. About ReformAMT ReformAMT seeks to correct an injustice created by the way in which the Alternative Minimum Tax (AMT) is inappropriately and unjustly imposed upon owners of incentive stock options. Through the building of a grassroots tax reform organization, ReformAMT seeks to urge Congress to correct this flawed tax code, which has resulted in financial devastation for taxpayers obeying this law. Beyond correction of the law, ReformAMT also seeks full redress from the United States Government for those affected. For more information, visit www.reformamt.org. |
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