Dave Camp: “despite all of the respect that I have for the ranking member, I have to oppose the motion to instruct. If looked at at…”

“despite all of the respect that I have for the ranking member, I have to oppose the motion to instruct. If looked at at face value, this motion to instruct adds to the deficit. Despite all of the tax increases in the Senate version, there are not enough tax increases to cover the cost of this motion to instruct. Let me just say the motion to instruct seeks to include AMT relief in reconciliation, even though we have already in the House passed AMT relief. The House voted 414-4 to move the alternative minimum tax outside of reconciliation. AMT relief cannot be passed within reconciliation without raising taxes or, as I said, violating the budget. Some AMT relief for middle- income taxpayers is inside, included in reconciliation. The bill does have a provision that allows families who claim personal tax credits targeted to lower- and middle-income families to use those credits to offset their AMT liability. The House extends both forms of AMT relief without raising taxes as the Senate did. And let me just say, this motion to instruct excludes our effort to extend the lower rates on capital gains and dividends, which provides broad-based tax relief. The motion to instruct seeks to deny that broad-based tax relief by refusing to extend the lower rates on capital gains and dividends. The AMT extension, which my friends on the other side are so in favor of, benefits a targeted class of people in a few States.…”