Statement of Congressman Chris Van Hollen In Support of the AMT Relief Act of 2007
Washington,
Dec 13, 2007 -
Madam Speaker, I rise in strong support of the AMT Relief Act of 2007, which will provide middle class tax relief to over 23 million hard-working families who would otherwise be hit by the Alternative Minimum Tax next year.
For six years, the White House and the Republican congressional leadership failed to dismantle the Alternative Minimum Tax. As a result of their inaction, a huge middle class tax increase is now hanging over the heads of millions of unsuspecting Americans. This Republican tax tsunami will come crashing down on middle America next year if we fail to take action today.
On the Republicans’ watch, the wealthiest 1% of Americans got over half the benefit of the Bush tax cuts — while the nation’s debt soared passed $9 trillion.
Make no mistake: There are consequences to this kind of borrow and spend mentality. Every year, each taxpayer must pay a $3300 “debt tax” just to cover the cost of financing the debt. This legislation takes a different approach. Rather than digging ourselves deeper into debt, this bill pays for our actions today by closing a loophole in current law that permits a miniscule number of hedge fund managers to defer billions of dollars in compensation in offshore accounts.
To those who say Congress should not pay its bills, this legislation says “there is another choice.” We can provide fiscally responsible tax relief without running up the national debt. We can take responsibility for our expenses today, without placing the burden of our choices on future generations.
I urge my colleagues to make the right choice. Let’s pass fiscally responsible AMT relief and give our citizens the government they deserve.
I yield back the balance of my time.
Congressman Chris Van Hollen
