Daily Tax Update - April 29, 2008

TREASURY SECRETARY DECLINES SUPPORT FOR A SECOND STIMULUS PACKAGE:  Today, Treasury Secretary Hank Paulson said that he does not support a second stimulus plan because it would make it harder to balance the federal budget. Paulson said, “We're not supporting a second stimulus plan. The whole idea was doing something that will make a difference this year and there's no doubt that putting money in the hands of people very quickly who can spend it will make a difference.”

41 REPUBLICANS ASK BAUCUS NOT TO OFFSET AMT PATCH:  Today, Sen. Jon Kyl (R-AA) was joined by 40 other Republicans in a letter to Senate Finance Committee Chairman Max Baucus urging him to enact an alternative minimum tax “patch” and extend various expiring tax relief provisions without offsetting tax increases. Their letter said that the “uncertainty about whether and when these provisions will be extended is causing hardship to families and businesses, which is exacerbating current economic difficulties.” Baucus has previously said that he does not believe AMT will be offset because he would need 60 votes on the Senate floor to avoid a filibuster.

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