Rep. Lofgren Votes to Pass Middle Class Tax Relief Bill

Representative Zoe Lofgren (D-San Jose) today issued the following statement on her vote for H.R. 4351, the AMT Relief Act of 2007.

Today, I joined with a majority of my colleagues in the House in passing H.R. 4351, the AMT Relief Act of 2007. By passing this bill, the House has once again restated its commitment to both fiscal responsibility and the wellbeing of middle-class families. In California alone it is estimated that over 3 million families will be subject to the AMT this year, with 57,000 of those families residing in the 16^th Congressional District.

H.R. 4351 also includes an Incentive Stock Option (ISO) provision that corrects a severe inequity in the AMT tax system and finally resolves the ongoing AMT Incentive Stock Option crisis. This essential provision provides relief for hard working Americans who are treated unjustly by the tax burden caused when exercising their Incentive Stock Options. Under this important provision, employees will pay a fair and proportional tax on money actually made and will be relieved of the impossible burden of ongoing liability to pay taxes on income never received. This provision will help ensure that our companies continue attracting the best and brightest with competitive compensation packages.

I urge my Republican colleagues in Congress and the President to set aside their partisan agenda, and move this legislation forward. They have delayed middle-class tax relief long enough.