Political Quotes

“I call up amendment No. 5194, as modified, with the changes at the desk, and I ask that it be reported by number. The ACTING PRESIDENT pro tempore. Without objection, it is so ordered. The clerk will report. The senior assistant legislative clerk read as follows: The Senator from New York [Mr. Schumer] proposes an amendment numbered 5194, as modified. The amendment is as follows: Strike all after the enacting clause and insert the following: SECTION 1. SHORT TITLE. This Act may be cited as the ``Inflation Reduction Act of 2022''. TITLE I--COMMITTEE ON FINANCE Subtitle A--Deficit Reduction SEC. 10001. AMENDMENT OF 1986 CODE. Except as otherwise expressly provided, whenever in this subtitle an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. PART 1--CORPORATE TAX REFORM SEC. 10101. CORPORATE ALTERNATIVE MINIMUM TAX. (a) Imposition of Tax.-- (1) In general.--Paragraph (2) of section 55(b) is amended to read as follows: ``(2) Corporations.-- ``(A) Applicable corporations.--In the case of an applicable corporation, the tentative minimum tax for the taxable year shall be the excess of-- ``(i) 15 percent of the adjusted financial statement income for the taxable year (as determined under section 56A), over ``(ii) the corporate AMT foreign tax credit for the taxable year.…”