Political Quotes

“I ask unanimous consent that the text of the bill be printed in the Record. There being no objection, the text of the bill was ordered to be printed in the Record, as follows: S. 796 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Book Minimum Tax Repeal Act''. SEC. 2. REPEAL OF CORPORATE ALTERNATIVE MINIMUM TAX. (a) In General.--Section 55 of the Internal Revenue Code of 1986 is amended-- (1) in subsection (a)-- (A) by striking ``There'' and inserting ``In the case of a taxpayer other than a corporation, there'', and (B) by striking ``plus, in the case of an applicable corporation, the tax imposed by section 59A'' in paragraph (2), and (2) by striking subsection (b) and inserting the following: ``(b) Tentative Minimum Tax.-- ``(1) Amount of tentative minimum tax.-- ``(A) In general.--The tentative minimum tax for the taxable year is the sum of-- ``(i) 26 percent of so much of the taxable excess as does not exceed $175,000, plus ``(ii) 28 percent of so much of the taxable excess as exceeds $175,000. The amount determined under the preceding sentence shall be reduced by the alternative minimum tax foreign tax credit for the taxable year. ``(B) Taxable excess.--For purposes of this subsection, the term `taxable excess' means so much of the alternative minimum taxable income for the taxable year as exceeds the exemption amount.…”