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WASHINGTON, DC - Nov. 08: House Majority Leader Steny Hoyer, D-Md., House Ways and Means Chairman Charles B. Rangel, D-N.Y., and Rep. Patrick J. Murphy, D-Pa., during a news conference on the tax bill. The Bush administration has threatened to veto the tax bill expected to head to the House floor on Friday. The White House objects to the core principle behind the bill (HR 3996): that a "patch" to prevent the expansion of the alternative minimum tax should be offset with new revenue. "The Administration does not believe the appropriate way to protect 21 million additional taxpayers from 2007 AMT liability is to impose a tax increase on other taxpayers," according to the Statement of Administration Policy released Thursday morning. In addition to the AMT "patch," the $82.5 billion bill extends dozens of expiring tax provisions and expands the child tax credit for low-income families. (Photo by Scott J. Ferrell/Congressional Quarterly).

WASHINGTON, DC - Nov. 08: House Majority Leader Steny Hoyer, D-Md., House Ways and Means Chairman Charles B. Rangel, D-N.Y., and Rep. Patrick J. Murphy, D-Pa., during a news conference on the tax bill. The Bush administration has threatened to veto the tax bill expected to head to the House floor on Friday. The White House objects to the core principle behind the bill (HR 3996): that a "patch" to prevent the expansion of the alternative minimum tax should be offset with new revenue....
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