[Congressional Record Volume 152, Number 58 (Friday, May 12, 2006)]
[Extensions of Remarks]
[Page E814]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      CONFERENCE REPORT ON H.R. 4297, TAX INCREASE PREVENTION AND 
                       RECONCILIATION ACT OF 2005

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                               speech of

                        HON. CAROLYN B. MALONEY

                              of new york

                    in the house of representatives

                        Wednesday, May 10, 2006

  Mrs. MALONEY. Mr. Speaker, I rise today in strong opposition to the 
tax reconciliation conference report, H.R. 4297, that will cost $70 
billion over 10 years and provides little to no tax relief for working 
American families. Today is yet another missed opportunity by the 
Republican-controlled Congress to provide real tax relief to working 
families. For example, this bill would extend the capital gains and 
dividends tax cut set to expire in 2008 for an additional 2 years 
through 2010. While on the other hand, the bill would only provide a 1-
year extension in relief for the Alternative Minimum Tax (AMT) that 
affects an estimated 15 million middle-class taxpayers and already 
expired in 2005.
  Originally intended to ensure the wealthy taxpayers paid their fair 
share, the AMT has become a tax on the middle-class. Without 
adjustments for inflation like the federal income tax, the AMT targets 
a growing number of people each year. Those most affected by the AMT 
are taxpayers in States like my home State of New York, with high 
property taxes, high local and state income taxes, and high sales 
taxes. These taxpayers are middle-class families. Instead of taking 
this opportunity to pass real AMT reform, the House Republicans have 
chosen to barely patch this problem without providing any real relief 
for working families.
  Making matters worse, this conference agreement also drops three 
provisions in the Senate bill that would have rolled back nearly $5.4 
billion over 10 years in unneeded tax breaks and loopholes for the oil 
industry. This is truly unbelievable when we see oil companies earning 
record profits and consumer paying record prices.
  I wish this Congress could get their priorities straight and pass 
real AMT reform and provide leadership for true fiscal responsibility.

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