[Congressional Record Volume 153, Number 191 (Thursday, December 13, 2007)]
[Extensions of Remarks]
[Page E2583]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         AMT RELIEF ACT OF 2007

                                 ______
                                 

                               speech of

                         HON. CHRIS VAN HOLLEN

                              of maryland

                    in the house of representatives

                      Wednesday, December 12, 2007

  Mr. VAN HOLLEN. Mr. Speaker, I rise in strong support of the AMT 
Relief Act of 2007, which will provide middle class tax relief to over 
23 million hard-working families who would otherwise be hit by the 
Alternative Minimum Tax next year.
  For six years, the White House and the Republican congressional 
leadership failed to dismantle the Alternative Minimum Tax. As a result 
of their inaction, a huge middle class tax increase is now hanging over 
the heads of millions of unsuspecting Americans. This Republican tax 
tsunami will come crashing down on middle America next year if we fail 
to take action today.
  On the Republicans' watch, the wealthiest 1 percent of Americans got 
over half the benefit of the Bush tax cuts--while the Nation's debt 
soared past $9 trillion. Make no mistake: There are consequences to 
this kind of borrow and spend mentality. Every year, each taxpayer must 
pay a $3,300 ``debt tax'' just to cover the cost of financing the debt. 
This legislation takes a different approach. Rather than digging 
ourselves deeper into debt, this bill pays for our actions today by 
closing a loophole in current law that permits a minuscule number of 
hedge fund managers to defer billions of dollars in compensation in 
offshore accounts.
  To those who say Congress should not pay its bills, this legislation 
says ``there is another choice.'' We can provide fiscally responsible 
tax relief without running up the national debt. We can take 
responsibility for our expenses today, without placing the burden of 
our choices on future generations.
  I urge my colleagues to make the right choice. Let's pass fiscally 
responsible AMT relief and give our citizens the government they 
deserve.

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