| For
Immediate Release Contact: Betsy Hart HOUSE PASSES FISCALLY RESPONSIBLE TAX RELIEF Legislation Protects Approximately 40,000 South Dakota Families from the Alternative Minimum Tax Without Adding to Record National Debt June 25, 2008-Washington, DC-Today, Rep. Herseth Sandlin joined a majority in the House in voting for fiscally responsible relief from the Alternative Minimum Tax, or AMT. Without this relief, the AMT would expand to unintentionally hit millions of hard-working Americans, including approximately 40,000 families in South Dakota. Importantly, the Alternative Minimum Tax Relief Act of 2008 does not add to the record national deficit, as it is compliant with House “pay as you go” rules. Herseth Sandlin said, “This fiscally responsible bill not only ensures that hard working families in South Dakota will not be hit with an unintended tax increase, but at the same time, it does not simply pile on more debt to our children and grandchildren.” Herseth Sandlin noted that the national debt is currently at a record $9.4 trillion. If the bill were not “offset” by closing tax loopholes, it would add an additional $61.5 billion to that figure. She added, “We can’t continue to borrow against our future, and this critical tax relief does not add one penny to our national debt.” The bill passed the House today by a vote of 233-189. It halts an unintended expansion of the AMT, which was originally conceived to ensure that a small group of wealthy taxpayers pay their fair share. Because it was never indexed for inflation, the AMT threatens to expand to affect millions of middle-income American families – an unfair and unintended result. Today’s bill would provide a one-year “patch,” or protection from that expansion. By closing tax loopholes enjoyed by wealthy Wall Street managers and ending subsidies for the largest oil companies, this legislation does not add to the deficit. ### Congresswoman Stephanie Herseth Sandlin serves South Dakota in the U.S. House of Representatives. She is a member of the Blue Dog Coalition, a group of moderate Democrats committed to fiscal discipline and strong national security, and is co-chair of the Rural Working Group, which is dedicated to raising the profile of issues important to rural America. She also serves on three committees vital to South Dakota’s interests: Agriculture, Veterans’ Affairs and Natural Resources. In the 110th Congress, Rep. Herseth Sandlin was one of only 15 members appointed to serve on the Select Committee on Energy Independence and Global Warming. |
|
Washington, DC 331 Cannon House Office Building Washington, DC 20515 Phone: (202) 225-2801 Fax: (202) 225-5823 |
Sioux
Falls 326 East 8th Street, Suite 108 Sioux Falls, SD 57104 Phone: (605) 367-8371 Fax: (605) 367-8373 Toll Free: (866) 371-8747 |
Rapid
City 343 Quincy Street Rapid City, SD 57702 Phone: (605) 394-5280 Fax: (605) 394-5282 |
Aberdeen 121 Fourth Avenue SW,
Suite 1 |
