McConnell Calls for Placing AMT Relief Ahead of Partisan Politics

Press Release

‘Let's begin with a base bill that accomplishes what is non-controversial, what we mutually agree upon, and that is extending the AMT patch for one year and extending expiring tax provisions for two'

U.S. Senate Republican Leader Mitch McConnell made the following remarks on the Senate floor Thursday regarding a unanimous consent agreement to pass a one-year AMT patch and extending expiring tax provisions for two years:

"Senate Republicans have time and time again voted to reform and appeal the Alternate Minimum Tax, a tax promulgated in 1969 to ensure that 155 wealthy Americans paid at least some level of federal tax. But which today threatens to entrap more than 20 million American taxpayers this year alone.

"I know the Majority Leader shares my desire to fix the AMT and extend other expiring tax provisions later this year. In fact, as the IRS has told us, the inexplicable inaction at this point has already the potential to wreak havoc on the tax-filing season. I been have encouraged our colleagues on the other side to work with us.

"So my friend the Majority Leader knows this needs to be addressed. That is common ground.

"But let's be clear, Republicans want to extend the AMT patch and expiring tax provisions without increasing taxes on other Americans. Furthermore, we want to prevent 90 million American taxpayers including small business owners from a massive tax increase that will soon take effect if Congress does not act to extend rate reductions contained in the tax relief measures we passed in 2001 and 2003.

"So, I would suggest that there are fundamental differences of opinion here between the two parties on tax policy. This isn't a surprise. We all know this. And it's a debate we've been having for years, but in this case there's much we can agree on and I would suggest we start there.

"Let's begin with a base bill that accomplishes what is non-controversial, what we mutually agree upon, and that is extending the AMT patch for one year and extending expiring tax provisions for two years and in view of the differences between the parties on tax increases, let's allow four amendments per side to be in order, each of our own choosing.

"I can tell you now that four amendments will be focused on—our four amendments—are focused on ensuring tens of millions of Americans do not face tax increases.

"And while I wouldn't presume to tell my friend, the Majority Leader, what amendments his side should offer, I would suggest that it would be an excellent opportunity for him to offer the tax increases that are included in the Baucus Proposal and the Rangel AMT bill as passed by the House as the other. And since we object to the majority's efforts to increase taxes, and they apparently object to our efforts to extend tax relief, let's require that all amendments be subject to a 60 vote hurdle.

"In summary, I propose we start with common ground, and say that controversial ‘pay-fors' and add-ons must of get 60 votes.

"Therefore, I would ask consent that the Majority Leader, with the concurrence of the Republican Leader, be allowed to turn to consideration of H.R. 3996, provided further that, there be a substitute amendment in order, the text of which is the one-year AMT fix with a two year extenders package without tax-raising offsets.

"I further ask consent that each side be allowed four tax-related amendments to be offered to the substitute and that each amendment under this order and passage of the underlying bill require 60 votes for the adoption or passage, as the case may be."

Source