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Phase I Victory

Here are some of the events from early 2006 that led up to our Phase 1 victory at the end of 2006.

Dec 27, 2006 - Click here for more information on the bill (including important information on year-end financial strategies you need to consider before 2007) and our next steps.

Find out how your Representative and Senator voted on the bill:

Dec 8, 2006 - HR 3385 (HR 6111) Passed!

Tax Extenders, HR 6111 (with our provision), passed both the House and Senate today, the final legislative day of the 109th Congress. The vote in both bodies was overwhelming; 367 to 45 in the House, and 79 to 9 in the Senate.

But, this is the first, and most important, hurdle in our efforts. We still have work to do:

  • Clarify the treatment of ongoing liabilities, penalties, and interest
  • Removal of the phase-outs based on AGI
Related reading:

Dec 4, 2006 - We have a window to pass our bill before Dec. 8th!!!! We hear from DC that this is the final week of the 109th Congress. The one thing that has a good chance to be voted on THIS WEEK is the Tax Extenders Package. HERE IS OUR LAST CHANCE FOR THIS YEAR!

Have you done EVERYTHING you could possibly do to help this legislation pass???? Go here for instructions on what you have to do NOW!

Nov. 26, 2006 - ISO-AMT in the Courts

Oct. 16, 2006 - October Call to Action! Congress in Recess for November Elections.

Oct. 16, 2006 - ReformAMT Voter's Guide to 2006/2008 Elections
Aug 6, 2006 - The Senate Rejects the Bill on Estate and Minimum Wage Issues, but Senate Majority Leader Frist Keeps Bill Alive - HR5970 received 57 votes (needed a super majority of 60 to pass) in the Senate. It was voted down because of Estate and Minimum Wage issues; however, both Republican and Democratic Parties indicate a desire to pass Tax Extenders (our provision is on Tax Extenders). Stay tuned for upcoming updates in September when Congress returns from the August break. Click here to see how your Senator voted

Aug 6, 2006 - Iowan Family's Hopes Ride on HR3385 in the Tax Extenders Bill - The Speltz family is hopeful of the passage of the Tax Extenders Bill. HR3385 is the first step in correcting the ISO-AMT problem. The Speltz's will still need additional help dealing with penalities and interest that have accrued on a tax bill on unrealized gains.
Read about the Speltz family's 5 year nightmare.

July 29, 2006 - CONGRESS HAS HEARD US! - HR3385 is on the Tax Extenders Bill!!!!
Some version of HR3385 has been added to the Tax Extenders Bill part of HR5970 which includes Estate Tax, Minimum Wage Increase, and Expiring Tax Provisions.

    12:15am EST - being debated on the House floor
    1:45am EST - PASSED in the House!!!!! (final vote 230 to 180, click here to see how your Representative voted)

At least one modification to HR3385 is the inclusion of a "phase out" on Adjusted Gross Income. The phase out is the same as the personal exemptions phase out - see details in our update email.

June 11, 2006 - Single Mother Loses Her Home (Rep. Brian Bilbray, R-CA-50) The IRS has forced a single mother to sell her home to pay for taxes that far exceed both her annual income and the gross proceeds of her stock. Back in April, we asked Congress to help before it was too late (Her April Letter to Congress). She has now lost her home and is still being forced to make monthly payments to the IRS. To the Honorable Members of both the House and Senate, PLEASE HELP STOP THIS NONSENSE! Read her latest letter.

May 2, 2006 - Illinois Family Loses Everything (Rep. Jesse Jackson, D-IL-2) The IRS forced a family of four out of their home this last February. Husband and Wife of 30 years, Dan and Vicki Taylor have lost everything. And, their children are suffering too. The Taylor's Son had to give up his education at a university; and the Taylor's Daughter had to move in with relatives. All of this because of a tax on NO INCOME --- a tax greater than the Taylor's net worth --- the AMT on ISOs. Read their story. To the Honorable Members of both the House and Senate, please help the Taylors and bring their family back together.

April 27, 2006 - Another Urgent Plea to Congress - Please Help!!! (Rep. Melissa Bean, D-IL-8) Another Illinois Family is about to lose their home. The IRS is about to force another family out of their home because of tax on NO INCOME. Read their story. To the Honorable Members of both the House and Senate, like Angela (see above), you are the Pritchett's last hope.
Call To Action!

  1. November 28, 2006   We could get something passed next week!

  2. November 19, 2006   Respond to the Op Ed in the Washington Post by one or more of the following:

    Click here for more information.

  3. September 5, 2006   Contact your Senator in DC and in District.

  4. Please fill out our survey

    Your help is essential in getting us to the next step in resolving the AMT/ISO disaster!!
    Participation in this poll is completely anonymous.

    Click here - please help and fill out this survey.