* On November 30th Senate Finance Committee Chairman Republican Charles E. Grassley of Iowa expressed his support for making the repeal of the dreaded Alternative Minimum Tax (AMT) a top priority for the 110th Congress. According to Grassley the AMT has "long outlived" its usefulness and that it is "ridiculous" to continue to count on revenue that was never supposed to be collected in the first place. Grassley feels that full repeal has bipartisan support in the Senate.
* There has been no action on the bill to extend expired tax breaks yet. However, Senate Majority Leader Bill Frist has announced that the Senate's agenda for the week of December 4th includes passage of a package of tax, trade and health policy extensions. Since Congress plans to wrap up its 109th session by the end of the week let's hope that they will finally get off their arses and extend these tax-breaks!
TTFN
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