Business news with words amt+hike+tax. 2 news.

The House passed a one-year “patch” for the alternative minimum tax on Wednesday, acting to shield taxpayers from an average hike of about $2,000.

Washington is abuzz about the tax proposal introduced recently by House Ways and Means Chairman Charles Rangel (D-N.Y.). The bill tackles a host of tax policy matters but its centerpiece proposes to repeal the Alternative Minimum Tax (AMT) and offset that revenue loss with an $800 billion tax increase on the roughly 3.5 million taxpayers earning above $200,000 a year. The tax increase hikes marginal tax rates by nearly 5 percentage points. Republicans have been quick to attack this tax increase on small business owners and entrepreneurs and rightly point out that the high marginal tax rates in the Rangel plan would negatively impact the economy.