House Ways and Means addresses AMT and tax code simplification
On Thursday, the House Committee on Ways and Means held a
hearing on fair and equitable tax policy for America’s working
families. The panel focused on the current structure of our tax
code and the fairness and effectiveness of the Bush tax cuts,
the alternative minimum tax (AMT) and the tax treatment of hedge
funds and partners in private equity firms. Ways and Means
Committee Chairman Charles B. Rangel (D-NY) issued the following
opening statement:  "As most of you know, at the beginning of
this new Congress, Ranking Member McCrery and I had a number of
meetings to determine the issues under our jurisdiction that
would lead to bipartisan cooperation. We were very conscious of
the fact that there are strong policy differences within our
parties that could limit our ability to work together.
"Throughout our discussions, one thing was abundantly clear: as
the Committee with primary jurisdiction over revenue measures,
we have a responsibility to a