Political Quotes

“I rise in support of H.R. 6275, Alternative Minimum Tax Relief Act of 2008. H.R. 6275 is critical to easing the burden on middle-class taxpayers. The Alternative Minimum Tax, AMT, was originally intended to make sure that the Nation's wealthiest citizens did not avoid paying taxes altogether. However, it was not indexed for inflation and the AMT now affects millions of middle income tax payers across the country. H.R. 6275 would extend for 1 year AMT relief for nonrefundable personal credits and increases the AMT exemption amount to $69,950 for joint filers and $46,200 for individuals. At a time of economic uncertainty and rising gas and food prices, H.R. 6275 would provide over 25 million families with tax relief. In my district alone, over 33,000 families would be affected by the AMT this year. As a member of the Budget Committee, I am also pleased that this bill includes offsets and is budget-neutral. Instead of adding to our national debt, H.R. 6275 responsibly pays for itself by closing a loophole that allows hedge fund managers to pay less taxes, encouraging tax compliance, repealing subsidies for the five biggest oil companies, and tightening tax laws on foreign-owned companies. I support H.R. 6275, Alternative Minimum Tax Relief Act of 2008, and I urge my colleagues to join me in voting for its passage.”