The Bush administration threatened to veto the Temporary Tax Relief Act of 2007 in its present form, putting the patch for the alternative minimum tax in jeopardy as the deadline nears for fixing the AMT before it spreads to millions more taxpayers.
The House Ways and Means Committee approved the measure last week, which contains pay-go provisions to make up for the resulting loss in tax revenue by raising taxes in other areas, including taxing the carried interest earnings of financial management partners as regular income. The full House is scheduled to take up the bill this week.
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