Mike Levin: “for too many years now, the administration and the majority in Congress have been pursuing an irresponsible fiscal…”

“for too many years now, the administration and the majority in Congress have been pursuing an irresponsible fiscal policy of giving tax cuts mainly to the wealthiest Americans among us. By generating revenue less than we are spending, our Nation is falling deeper into the debt ditch. The increase in our debt threatens us with rising long-term interest rates. At a time when so many Americans have variable-rate mortgages, car loans, and other debts, rising interest rates that are predicted to accompany our swelling deficits will have a very real and immediate impact on many American families. And we will be passing this increased debt on to our children and grandchildren. This tax reconciliation bill contains a number of good provisions. In particular, the provision to ``patch'' the alternative minimum tax, AMT, is critical. Congress originally created the AMT to make sure that the wealthiest Americans paid at least a minimum amount of tax; however, it is now catching many more taxpayers than Congress intended. The ``fix'' in the bill before us today would once again implement a temporary increase in the exemption level of the AMT by indexing it for inflation, thus saving many middle-income taxpayers from being affected by the AMT and having their Federal taxes increased. Today's bill also includes an expansion and extension on the research and development tax credit. R&D provides strength for our economy.…”