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Public Statements

Alternative Minimum Tax Relief Act of 2008

Location: Washington, DC

ALTERNATIVE MINIMUM TAX RELIEF ACT OF 2008 -- (House of Representatives - June 25, 2008)


Mr. PASCRELL. Mr. Speaker, one of the hallmarks of the Ways and Means Committee is that fairness is always the order of the day. Fairness in priorities. Fairness in legislation. H.R. 6275 exemplifies this fact.

Our bill will provide $62 billion in AMT relief to more than 25 million families nationwide.

In my district alone, almost 80,000 people are on track to endure the significant tax increase of the AMT this year if we do not act now. That's up from 20,000 people in 2005.

Many of the people affected would be firefighters, cops and teachers--a far cry from the original intent of the AMT. Indeed, the middle class is being more and more affected--your constituents and mine. And it's only getting worse.

Unfortunately there are those on the other side of the aisle who will not vote today for the best interests of their constituents.

Instead, they will choose to cast their vote for the Kings of Wall Street who are already the richest people in the history of our Nation.

We pay for this bill, in part, by simply requiring that investment fund managers are taxed at the same income rates as every other American. After all, why should the very richest among us be taxed at 15 percent when a doctor or lawyer pays 35 percent? Or when a teacher or plumber, et cetera, is taxed at 25?

Yet because of this provision, many Republicans will be unable to vote for real tax relief for their constituents. I find this as inexplicable as I do sad.

This legislation is wise and it is fair. It will give tax relief to 25 million hard-working Americans while ensuring fairness in the tax code. So try to explain to the firefighters and cops in your district that you wanted to take care of investment fund managers instead.


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