[Congressional Record Volume 152, Number 58 (Friday, May 12, 2006)]
[Senate]
[Page S4523]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


[[Page S4523]]
         TAX INCREASE PREVENTION AND RECONCILIATION ACT OF 2005

  Mr. CHAMBLISS. Mr. President, I support the conference report to 
accompany H.R. 4297, the Tax Increase Prevention and Reconciliation Act 
of 2005. I wish to commend Chairman Grassley and the House/Senate 
conferees for forging an important package to ensure continued economic 
vitality which was spurred by commonsense tax cuts enacted under the 
leadership of President George W. Bush.
  The conference report, which has already passed the House of 
Representatives by a vote of 244 to 185, will help small businesses, 
farmers, and working American taxpayers. Most significantly, the 
conference report: Extends for 2 years the capital gains and dividend 
tax rate reductions; increases the exemption threshold for the 
alternative minimum tax, meaning that fewer working Americans will be 
subjected to this hidden and creeping tax increase; increases important 
expensing for small businesses; eliminates the income limits on 
conversions to Roth individual retirement accounts; accelerates the 
application of $20 million capital expenditure limitation on tax-exempt 
State and local bonds used to finance private business manufacturing or 
the acquisition of land and equipment by certain farmers.
  The editorial board of the Wall Street Journal has correctly pointed 
out that the President's tax cuts and lower rates on dividends and 
capital gains has resulted in an increase in revenue of $137 billion, 
11.2 percent, as reflected in the Treasury's monthly budget report for 
May. This is more than triple the rate of inflation and is in addition 
to the $274 billion, or a 14.6 percent increase, in Federal revenues 
for all of fiscal 2005, which ended September 30.
  Passage of this measure is essential to continue America's 
extraordinary economic expansion to benefit all Americans.

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