John Kerry: “less than 2 weeks ago we debated the importance of addressing the individual alternative minimum tax, AMT. Without…”

“less than 2 weeks ago we debated the importance of addressing the individual alternative minimum tax, AMT. Without congressional action, this year 17 million families will be impacted by the AMT. And this problem is growing. Without a permanent solution to the AMT, as many as 30 million families will be impacted by it in 2010. We all seem to agree that the alternative minimum tax needs to be addressed, but we differ on how big a priority it should be. Very recently, 73 Members of this body voted to address the AMT before addressing tax cuts that do not expire until the end of 2008. This sense of the Senate specifically stated that ``protecting middle class families from the alternative minimum tax should be a higher priority for Congress in 2006 than extending a tax cut that does not expire until the end of 2008.'' Some of my colleagues believe we can address both the AMT and extend the capital gains and dividends tax cut, but I am concerned this will be difficult to do within the confines of a $70 billion tax bill. The House has made their position clear that they would rather address AMT outside the reconciliation tax bill. This is troubling because it would likely result in a total of over $100 billion in tax relief that is not paid for. We cannot afford another costly debt-financed tax cut. The Senate-passed bill does include some revenue offsets, but I do not expect the conference report to include any revenue offsets.…”