[Congressional Record Volume 141, Number 63 (Wednesday, April 5, 1995)]
[House]
[Page H4188]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                  ALTERNATE MINIMUM TAX TO BE REPEALED

  (Mr. SCHUMER asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. SCHUMER. Mr. Speaker, let me just say there is a little hidden 
dirty secret in the Republican tax bill. It was not in the contract. 
you will find none of the Republicans come up and talk about it. But it 
is the worst part of their whole bill. They repeal the alternative 
minimum tax for big corporations.
  We put this provision in 1986 so that the big corporations will have 
to pay some taxes. The American people burn when they work hard, pay 
five, six, seven thousand dollars in taxes, and General Electric and 
Mobil and Phillips Petroleum pay none.
  Well, for 6 years that has not happened. They have had to pay 25 
percent of their income as taxes, and now the Republican majority wants 
to repeal it. Can you believe it? They are saying to the average 
American it is okay to go back to the old days when Unocal and Phillips 
Petroleum and Mobil and Ford and Chrysler paid less taxes than you. 
Shame on them, shame on them, shame on them.

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