Bart Stupak: “lately I have been on the floor talking about what I call the Republican version of AFDC, not aid to families with…”

“lately I have been on the floor talking about what I call the Republican version of AFDC, not aid to families with dependent children, but aid for dependent corporations. This tax bill is another example of AFDC, welfare for corporations. The Republican tax bill repeals the corporate alternative minimum tax, AMT, a provision of the 1986 Tax Code which ensures that profitable corporations pay their fair share of income taxes. I have offered an amendment to the Committee on Rules to prevent the repeal of this provision, but it was not made in order by the Republican leadership. Every year thousands of parents make room in their budget to buy school supplies for their kids, things like this 99-cent bottle of glue. Most of you do not know, but in 1981 virtually every one of those parents paid more in taxes than the multimillion-dollar company which produced this product. According to Citizens for Tax Justice, in the 1981 tax year, Borden, the makers of this glue, despite making a profit of over $201 million, paid no income tax. In fact, they got back $14.9 million in tax credits. Mr. Speaker, I hope we reject this bill, reject this rule, bring back tax fairness.”