[Congressional Record Volume 154, Number 154 (Friday, September 26, 2008)]
[Extensions of Remarks]
[Page E2017]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               ALTERNATIVE MINIMUM TAX RELIEF ACT OF 2008

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                               speech of

                     HON. STEPHANIE HERSETH SANDLIN

                            of south dakota

                    in the house of representatives

                     Wednesday, September 24, 2008

  Ms. HERSETH SANDLIN. Madam Speaker, I regret that due to unforeseen 
circumstances I was unable to participate in one vote on the floor of 
the House of Representatives on September 24, 2008.
  The vote was on H.R. 7005, to amend the Internal Revenue Code of 1986 
to provide alternative minimum tax, AMT, relief for individuals for 
2008. Had I been present, I would have voted ``no'' on that question. 
AMT relief is certainly necessary, and providing it for more than 25 
million families in 2008 is projected to cost more than $60 billion 
over 10 years. In addition, because the AMT fix in this bill is not 
paid for under pay-as-you-go rules, the fix can be expected to add tens 
of billions more in interest costs. In contrast, the fiscally 
responsible version of AMT relief that the House passed earlier this 
year with my support would have been revenue neutral, including through 
the elimination of a tax subsidy that continues to be provided to major 
oil companies during this time of record profits for the industry. I 
cannot support H.R. 7005, which would add many tens of billions more to 
the out-of-control national debt that is approaching $10 trillion, when 
a fiscally responsible and fair alternative is available.

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