WALLY HERGER: “because of time constraints during Floor debate, I was unable to present my full remarks in support of H.R. 4096, the…”

“because of time constraints during Floor debate, I was unable to present my full remarks in support of H.R. 4096, the Stealth Tax Relief Act of 2005. I would like to request that the following comments be published in the Congressional Record for Wednesday, December 7, so my remarks in support of H.R. 4096 are reflected in the Record in their entirety: Mr. Speaker, without today's legislation, the number of Americans ensnared by the Alternative Minimum Tax is estimated to grow to an astounding 21 million in 2006. The problem is so great that the Treasury Department estimates that by 2013, an AMT repeal would be more expensive than a repeal of the income tax. In my own northern California congressional district, in one particular area, nearly 3,000 constituents face a significantly higher tax burden because of this onerous tax. In February of 1986, a levee broke on the Yuba River causing a flood that submerged the community, resulting in millions of dollars in damages. Now, after nearly 20 years of legal battles, a court has found the state liable and ordered it to pay damages to flood victims in the amount of $428 million. Unfortunately, because individual claimants have to add back attorney fees as AMT taxable income, the flood victims may end up paying some form of tax on 100 percent of their award, even though this is money they never saw. This is double taxation, and it is unfair.…”