Lynn C. Woolsey: “it's clear that the Alternative Minimum Tax, AMT, needs to be fixed. Year after year, we play this game of ``chicken''…”

“it's clear that the Alternative Minimum Tax, AMT, needs to be fixed. Year after year, we play this game of ``chicken'' with the end of the year, leaving millions of hard working American families fearful that they will be captured in a tax that was never meant to touch them. The good news is that the difference between this year's AMT patch and the ones that we did under the previous majority is that this time we are actually going to pay for it. In my district alone, H.R. 3996 will save over 59,000 taxpayers from being subject to the AMT and it's my hope that this will be a first step to a responsible solution to permanently fixing this tax policy. Also included in this bill is an extension and expansion of the Child Tax Credit, CTC, refund-ability. With economic disparity at its highest level since the Great Depression, expansion of this tax credit will help low-income families raise their children and help them get ahead. Finally, we are addressing the growing problem of the increasing gap between the wealthiest and the rest of America through a more equitable tax code. Thank you to Chairman Rangel and Chairman Neal for all of their hard work on this bill, closing loopholes, extending essential tax credits, and balancing the tax code.”