Kent Conrad: “The reason for that is, as the Senator knows, more and more people are getting sucked into this alternative minimum tax…”

“The reason for that is, as the Senator knows, more and more people are getting sucked into this alternative minimum tax designed to catch millionaires. Now it is going to be catching middle-class people. In fact, there was an excellent article in the Washington Post this weekend by a young journalist whose family just got sucked into the alternative minimum tax. It cost his family over $2,000 in this year alone to get sucked into this alternative minimum tax problem. Our friends on the other side are saying they have tax cuts for the middle class which they want to continue. I support continuing those middle-class tax cuts. But they are not dealing with the alternative minimum tax that used to be the millionaires' tax and rapidly becoming a middle-class tax trap. They only deal with that for 1 year. They have tax increases, as well, built into this budget that are very disguised. It is going to affect millions and millions and millions of people.”