Work continues behind the scenes in the House on AMT legislation as Rep. Richard Neal (D-MA) chair of the House Ways and Means Suncommittee on Select Revenue Measures consults with Ways and Means and Budget Committee chairs Charles Rangel (D-NY) and John Spratt (D-SC). Reportedly under consideration: permanent, deficit-neutral AMT reform built around an exclusion for households below a given level, with increased rates making up the lost revenue -- less drastic than full repeal, previously advocated by Neal.

First Vote to Extend Capital Gains Rate Fails During its deliberations a couple of weeks ago on the budget resolution, the House Budget Committee "shot down a proposed amendment to extend the 15 percent capital gains tax rate [in] the first vote on the extension of these critical tax cuts," according to the American Shareholders Association blog, Shareholders' Corner. The Committee vote was party-line. An extension of the rate would not have been binding, but the vote offers a glimpse at the rate's future under Democratic leadership. 20/20 foresight?

OMB Watch has joined with the American Federation of State, County and Municipal Employees (AFSCME), Citizens for Tax Justice, and the National Treasury Employees Union (NTEU) to urge that Congress pass H.R. 695 and S. 335, bills that would end the IRS private tax collection program. Take a look at the letters we sent to the House and the Senate, where we make the case that this wasteful and dangerous program should be terminated immediately. And let your representative know what you think about tax bounty hunters - take part in Citizens for Tax Justice's email campaign!