Bill Pascrell: “I recommend that our Congress on both sides of the aisle read the front page of the New York Times Business Section…”

“I recommend that our Congress on both sides of the aisle read the front page of the New York Times Business Section today. The horror that has been let loose on the American people has to be accounted for. This is no left conspiracy. What has been done is unconscionable. What has happened, they want to exacerbate this situation and make it worse. In 2001, only 1 million people were eligible for the alternative minimum tax. When these tax cuts go into effect and the full effect is there, 37 million people will have been impacted by the alternative minimum tax. The other side better prepare those taxpayers, or we better figure out in the 10-year budget how we are going to effect what has been brought upon this country. The Republicans have forced us into deeper debt. And those people making between $75,000 and $500,000 will be impacted even 4 to 5 years from now. The other side of the aisle better tell them now, tell them what is at stake for them; otherwise they are doing a disservice to the American taxpayers. Mr. Speaker, the friends of the American taxpayer, have they told the American middle class? Have they read the report from the Brookings Institute which was made public? I ask the other side of the aisle to read it.”