Wendy Sherman: “we have heard from the others, and it is interesting. They have told us the deficits of Reaganomics are so bad that they…”

“we have heard from the others, and it is interesting. They have told us the deficits of Reaganomics are so bad that they try to blame the Democratic Congress. We are told that if there is a large pile of money left in Washington, D.C., it will be spent. They are right. There is $2 trillion in the Social Security trust fund, and this Congress will spend it on tax cuts for the wealthy and on missile defense. But in years to come, people will look at the back of their tax returns and they will see a huge AMT, alternative minimum tax, added to their tax bill. They will remember a bill that was written at midnight, and they will believe that all the tax benefits went to those less worthy and more wealthy than themselves. They will be right. Look at what this bill does to the upper middle class. It throws them into the alternative minimum tax. With the change in the Senate, we will not be in a position to fix that. We have almost no AMT relief in this bill.”