Harry Reid: “this motion is to instruct the conferees to insist on relief from the alternative minimum tax--known as AMT--in the…”

“this motion is to instruct the conferees to insist on relief from the alternative minimum tax--known as AMT--in the final bill they report back from the conference committee. It reaffirms the Senate's position that AMT relief should take priority over extending tax cuts for capital gains and dividends. If the conference agreement fails to include relief from the AMT, 15 million taxpayers will face higher tax bills this year. The Senate has expressed its support for AMT relief two times as this legislation has made its way through the legislative process. First, the Finance Committee included AMT relief in the bill that it reported to the Senate floor. Then, during floor consideration the Senate overwhelmingly approved the amendment offered by Senators Menendez, Schumer, Kerry, Feinstein and others that expressed the Senate's desire that AMT relief take priority over tax cuts for capital gains and dividends. That amendment was approved by the Senate by a vote of 73 to 24. The conferees for the Senate should respect the Senate's instructions and include AMT relief in the final bill. There are two reasons that the Senate conferees should insist on including AMT relief in the final bill and reject tax cuts for capital gains and dividends. First, AMT relief is needed to protect taxpayers this year. Married couples with children are most affected by the AMT.…”