[Congressional Record Volume 153, Number 175 (Tuesday, November 13, 2007)]
[Extensions of Remarks]
[Pages E2391-E2392]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 PROVIDING FOR CONSIDERATION OF H.R. 3996, TEMPORARY TAX RELIEF ACT OF 
                                  2007

                                 ______
                                 

                               speech of

                        HON. CAROLYN B. MALONEY

                              of new york

                    in the house of representatives

                        Friday, November 9, 2007

  Mrs. MALONEY of New York. Mr. Speaker, I rise in support of H.R. 
3996, the Temporary Tax Relief Act of 2007.
  The Temporary Tax Relief Act will provide immediate tax relief for 
working families by preventing 23 million middle class families from 
paying higher taxes this April. Without this legislation, these 23 
million families will be subjected to the alternative minimum tax, 
including almost 111,000 of my constituents.
  When the AMT was enacted, it was meant to ensure the wealthiest among 
us paid their fair share of a tax that was never designed to hit the 
pocketbooks of middle-class families. While this is only a temporary 
fix, I want to be clear that I hope we can move forward in the near 
future to provide a long-term solution to this problem. I am proud that 
Chairman Rangel has brought this fix to the floor today while still 
adhering to the pay-as-you-go promise this Democratic controlled 
Congress has promised the American people.
  While fixing the AMT is of outmost importance, we cannot afford to 
mortgage our children's and grandchildren's future to pay for this tax 
relief. Our country is currently burdened with over $9 trillion of 
national debt, each American's share at nearly $30,000.
  We simply cannot afford to keep adding to this. In addition to the 
AMT fix, this bill would increase the eligibility for the refundable 
child tax credit, it extends research and development tax credits to 
promote innovative and high-paying jobs, and we are providing tax 
relief to millions of homeowners suffering from the current subprime 
mortgage crisis.
  One concern that I do have with this legislation is the potential 
that the change to the taxation of ``carried interest'' may have the 
unintended consequence of capturing certain real estate partnerships.
  We should not treat capital gains in real estate partnerships as 
ordinary income. These partnerships invest their own capital and should 
continue to be taxed at the capital gains rate.
  I have joined a group of my colleagues asking for report language to 
clarify this issue and I hope that this concern will be addressed 
before final implementation of this legislation.
  Mr. Speaker, the Democrats in Congress are providing common sense tax 
relief for middle class American families and we are doing

[[Page E2392]]

it in a fiscally responsible way. I urge this bill's adoption.

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