Nation

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Nation - February 16, 2007

AMT AND SOCIAL SECURITY DOMINATE BUDGET HEARINGS
President Bush submitted his FY 2008 Budget proposal to Congress on February 5. None of the tax provisions in it would have a direct effect on real estate. The Senate Finance Committee, Senate Budget Committee and House Ways and Means Committee all held hearings on the budget proposal, receiving testimony from Secretary of Treasury Paulson and Office of Management and Budget (OMB) Director Rob Portman. Nearly all the questions Members posed addressed ongoing problems created by the Alternative Minimum Tax (AMT) and the impending problems with Social Security. The President's proposal to create a new standard deduction for health insurance premiums received some attention, but the concept was generally criticized as being ineffective in reforming the individual health insurance market.