Political Quotes

“Mr. Speaker, in 1969 Congress enacted the individual alternative minimum tax, AMT. The purpose of this tax was to require that all taxpayers pay some tax on their income. We can have a debate about the merits, or lack thereof, of the AMT and I hope that in time we will. Many of the provisions of the Tax Code that gave rise to the AMT do not exist today and have not existed for many years. However, today a more immediate issue confronts us. Mr. Speaker, the Clinton tax increase of 1993 increased the AMT tax rate but failed to adjust the exemption numbers for inflation. As a result of this tax increase, millions of American families, middle income families are forced to pay the AMT each year. President Bush's 2001 and 2003 tax relief bills increase the AMT exemption amount from $45,000 to $58,000 for married couples and from $33,750 to $40,250 for single individuals. These increases ensure that the AMT is the result of the tax relief provided in the 2001 and 2003 tax relief laws do not hit middle income families. However, if we do not act now, this relief will expire at the end of this year. As time goes on and as inflation and costs increase, the number of taxpayers subject to the AMT increases. If we do not act, over one million single filers and seven million married filers will be caught up in the AMT.”