At the very least, Congress and the president must avert the $92 billion AMT hike by extending the AMT patch for 2012. To this end, I recently led a bipartisan letter to Speaker John A. Boehner, R-Ohio, requesting that he make an AMT extension one of his top priorities in negotiations with the president and Senate Majority Leader Harry Reid, D-Nev., to address the fiscal cliff.
Ultimately, I believe we must take even more aggressive steps to protect taxpayers by abolishing the AMT for individuals. The very existence of the AMT proves that the federal tax code is broken. A fair, effective and efficient tax code does not require a parallel system that adds confusion, complexity and cost.
But, until we can undertake a broader tax overhaul, let’s stop the AMT hike and head off a nasty case of tax sticker shock on April 15, 2013.
Rep. Scott Garrett, R-N.J., serves on the Budget and Financial Services committees. He chairs the Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises.