Kevin Brady: “there is actually bipartisan support for reducing taxes in the AMT on American families. If I could go back in time and…”

“there is actually bipartisan support for reducing taxes in the AMT on American families. If I could go back in time and stop that Congress from ever creating it, I would have because the principle of it has always been so wrong. The principle was our Tax Code is so complex, it is so full of loopholes that it really is not fair anymore. So rather than fix the problem, let us just create a second type of tax, make people create second books, second type of accounts and then try to catch them another way. It was a terrible principle to begin with; and because it was not put in place, it was put in place for the wrong reasons, in the wrong way and now affecting more and more of our American taxpayers who should never have to fool with this. The question today is, how do we do it? Do we do it as proposed in this issue, to raise taxes to pay for it? Or as Chairman Camp has said, this House has voted overwhelmingly to provide tax relief to these families the right way, by just exempting them and not raising their taxes to pay for it. That is exactly the right way to do it. And another, I think, bad side effect of this proposal that we are debating today is that we take away the tax savings on capital gains and dividends. That is very important to America's seniors, very important to seniors in Texas.…”