Charles Rangel: “my friend, Mr. Thomas, the chairman of the awesome and powerful Ways and Means Committee, has normally presented…”

“my friend, Mr. Thomas, the chairman of the awesome and powerful Ways and Means Committee, has normally presented brilliant arguments, many of those I have opposed; but I have really never seen such creative thinking as he has done on the alternative minimum tax. I would hope the whole world, and that is at least those in New York and around the country, will hear who he is describing as the richest people in the world. I mean, coming from California there may be some distorted thinking about incomes, but from all of the statistics, they say that over half of the people are between the incomes of 100 and $200,000, they would be getting the relief. And then if we were talking about, I do not want to start a class war because I do not want to offend any on the other side, but over 50 percent of the relief under the interest in the capital gains would go to people above a million dollars. And so I do not think we would call the 100 to $200,000, certainly as it relates to the Nation, that is high income, but it certainly does not compare to the recipients of those in the categories that will receive capital gains and corporate dividends. But more importantly, I beseech Mr. Thomas to deal with the question of equity. When we are trying to help somebody in terms of taxes or to take away some benefits from somebody, it may be done in the back room, but ultimately the public will know which group are the beneficiaries.…”