Mike Levin: “this issue was put so squarely, and I think clearly, in the answer of Secretary Snow when he testified in the Senate. He…”

“this issue was put so squarely, and I think clearly, in the answer of Secretary Snow when he testified in the Senate. He was asked why the White House had put a higher priority on the investment tax breaks than relief from an alternative minimum tax. His answer, and I quote, ``because lower taxes on dividends and capital gains more broadly benefit taxpayers than AMT relief.'' That is the position of the administration. So what they are saying is that tax relief dividends and capital gains, we are talking now about 2009 and 2010, not this year, next year or the year thereafter, that that is more important when over 50 percent of the benefit goes to people making a million dollars a year, that is more important than the impact of the AMT not in 2009, 2010, but this year, on 19 million taxpayers. That is really the issue. Now, we hear all kinds of arguments. Mr. Thomas kind of says, well, those AMT people are kind of wealthy people. A lot of them are not, nowhere near the million bucks made by the people who are the 53 percent who gain in 2009 and 2010. And then, well, it said, okay. More taxpayers receive capital gains in dividend reduction, that is true, most of them are in lower middle income brackets, but most of the money goes to people making a million bucks a year. That has never been challenged. Well, then the answer is, Mr. Camp, we are going to do both. Tell us how you are going to do both. Tell us. Stand up now and tell us.…”