[Congressional Record Volume 147, Number 28 (Tuesday, March 6, 2001)]
[Extensions of Remarks]
[Page E287]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             THE ALTERNATIVE MINIMUM TAX REPEAL ACT OF 2001

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                            HON. MAC COLLINS

                               of georgia

                    in the house of representatives

                         Tuesday, March 6, 2001

  Mr. COLLINS. Mr. Speaker, I rise today to introduce the The 
Alternative Minimum Tax Repeal Act of 2001 which will repeal the 
individual Alternative Minimum Tax (AMT). The domestic tax system has 
dramatically changed since the creation of the AMT regime. 
Consequently, this tax regime has long outlived its purpose. Today, the 
AMT is punitive in nature, overly cumbersome and affects taxpayers who 
were never intended to fall into this tax trap. To immediately reduce 
the number of wage earners who are affected, my legislation will extend 
the current-law provision which allows personal tax credits to be 
applied against the AMT calculation. The proposal will also immediately 
increase the AMT income exemption level, originally added to the AMT 
structure in 1993, so that it is adjusted to reflect inflation since 
that time. Subsequently, it will increase the exemption amount annually 
by 10 percent. In addition, the bill will repeal the income limitation 
that currently applies to that exemption. Finally, at the end of a ten 
year period, the individual AMT will fully be repealed.
  Included in the tax plan outline presented by President George W. 
Bush, was a statement in support of additional tax code changes that 
would provide relief from the Alternative Minimum Tax. Please join me 
by cosponsoring this important legislation. Eliminating the AMT will 
reduce the complexity of the tax code and remove another heavy burden 
shouldered by wage earners.

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