Rep. Howard Berman's Statement of Support for H.R. 3996, the AMT Relief Bill

Press Release

REP. HOWARD BERMAN'S STATEMENT OF SUPPORT FOR H.R. 3996, THE AMT RELIEF BILL

Washington, D.C. - "I strongly support H.R. 3996, which contains must-pass provisions that provide Alternative Minimum Tax (AMT) relief and extend a number of popular tax provisions set to expire this year. It also includes an increased refundable child credit and a deduction for property taxes paid by homeowners. Specifically, the bill would:

Cut Taxes for Millions of Middle-Class Families

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Protect 23 million middle-class families from being hit by the Alternative Minimum Tax;
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Provide 30 million homeowners with property tax relief;
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Help 12 million children by expanding the child tax credit;
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Benefit 11 million families through the State and local sales tax deduction;
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Help 4.5 million families better afford college with the tuition deduction;
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Save 3.4 million teachers money with a deduction for classroom expenses; and
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Provide thousands of American troops in combat with tax relief under the Earned Income Tax Credit.

Restore Tax Fairness

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Close tax loopholes that allow the privileged few on Wall Street to pay a lower tax rate on their income than other hardworking Americans, such as teachers and firefighters.
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Stop hedge fund managers and corporate CEOs from escaping income taxes by using offshore tax havens as unlimited retirement accounts, while middle-class families play by the rules and pay their fair share of taxes.

Ensure Fiscal Responsibility

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Reverse years of failed Republican policies that have mortgaged our grandchildren's future with additional foreign-owned debt.
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Protect future generations by not asking them to finance current tax cuts. Republican policies have resulted in $9 trillion of national debt, with an average daily interest payment of more than $1 billion. Each American's share of this debt exceeds $30,000 per person.
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Responsibly pay for middle-class tax relief by cracking down on special-interest tax breaks for the privileged few.

Grow the Economy

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Extend the R&D tax credit to promote innovation and high-paying jobs.
* Provide tax relief to millions of homeowners suffering from the current housing crisis.
* Ensure long-term economic growth by adhering to pay-as-you-go budget rules. These rules helped produce record budget surpluses and a robust economy in the 1990s by mandating no new deficit spending."

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