
The Alternate Minimum Tax (AMT) is a separate tax system originally designed to prevent wealthy people from exploiting loopholes in the tax code to significantly reduce the amount of taxes they have to pay. Since the income levels that trigger the AMT aren't indexed for inflation, more middle class citizens are subject to this tax. AMT reform is especially needed in high tax areas such as New York because it eliminates many common deductions, including those for state and local taxes. It is especially onerous to the business community because business income from S corporations, limited liability corporations or limited partnerships is subject to the AMT on personal income tax returns.
Meaningful progress is essential on the federal level to curtail the spiraling increases in health insurance costs to employers including passing medical liability reform, addressing outmoded information technology systems, and launching a wellness and prevention program across all segments of society and other measures. Health care policy reforms must retain current coverage options and create flexible new options for individuals and businesses. The Business Council of Westchester will carefully monitor the impact of proposed legislation on the business community especially small businesses.
Funding for a new Hudson River crossing that will include a mass transit component is a huge endeavor that requires the evaluation of many financing alternatives. We will reach out to our Congressional delegation to obtain Federal funds for this critical infrastructure project, starting with a request to inject special funding for the Tappan Zee Bridge and mass transit along the I/287 corridor as part of the SAFETEA-LU multi-year transportation bill and/or the planned economic stimulus plan.
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