Kevin Brady: “make no mistake, there are good things in this bill. I think it's important that we address the AMT. It was created in…”

“make no mistake, there are good things in this bill. I think it's important that we address the AMT. It was created in 1969 by a Democrat Congress for the wealthy. Now it's affecting our teachers and our firefighters and just average families. There is a State and local sales tax deduction in this bill, very important for families because sales taxes really add up fast. But these tax increases are troubling and risky. Like AMT, there are unintended consequences that will damage our economy. We are launching an assault on the real estate and housing industry, increasing taxes on second homes and leveling a potentially devastating tax increase on real estate partnerships. Now, these real estate partnerships, there are a lot of them. People say, oh, it's just corporations. There are 1.1 million partnerships who have done nothing wrong in America but build apartments in our communities, shopping centers, office buildings and industrial parks. This tax is seen as the most potentially devastating tax on them since 1986, which launched massive loan defaults and foreclosures. These are traditional real estate partnerships. And people say, well, we are aiming at Wall Street. Well, they are aiming at Wall Street, but they're going to hit Main Street America, and the result is lower property values, fewer construction jobs, and risky lending in real estate partnerships who have done nothing wrong.”