ALTERNATIVE MINIMUM TAX RELIEF ACT OF 2008 -- (House of Representatives - September 24, 2008)
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Mr. KIND. Madam Speaker, I thank the Chair of the subcommittee, and I too want to commend the Chair and ranking member of the committee for bringing this important AMT fix before the Congress today.
Madam Speaker, I couldn't agree with my friend from New York more. These 1-year fixes of the alternative minimum tax are just not sustainable. It is not fair, because it doesn't build in predictability and certainty with the Tax Code. That is why I commend the gentleman from Massachusetts, given the groundwork he has so far laid in trying to find a permanent fix to the AMT dilemma we face in the Nation.
Obviously, none of us in this Chamber or in this Congress would want to see millions of working families wake up on Tax Day realizing that because of bracket creep and the inability to index the AMT, that they are going to be facing a higher tax liability. Given the doldrums that the economy is facing right now, working class families especially can't afford to take an additional tax hit.
But at some point in this Chamber and in this Congress and in this country, we have to start paying for things again. That is why one of the first things that we did as a new majority last year was reinstitute pay-as-you-go budgeting rules. Not because we thought it was going to be easy or simple or fun, but because we thought it would be necessary to restore some fiscal discipline.
While many of us have been working on the extension of tax provisions and making sure AMT doesn't capture more working families, we are trying to do it in a fiscally responsible manner by finding appropriate offsets to pay for it so we are not adding to the debt burden of future generations. That is the great task left before us.
It is unfinished today, because obviously this AMT fix is not paid for, but it is something we have to take up in the next session of Congress, finding a permanent fix, and getting into the Tax Code with major reform, which is coming up next year already.
Again, I appreciate the leadership that the gentleman from Massachusetts and others on the subcommittee have shown so far on this issue. I encourage my colleagues to support it.
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