[Congressional Record Volume 154, Number 156 (Sunday, September 28, 2008)]
[Extensions of Remarks]
[Pages E2149-E2150]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               ALTERNATIVE MINIMUM TAX RELIEF ACT OF 2008

                                 ______
                                 

                               speech of

                           HON. EARL POMEROY

                            of north dakota

                    in the house of representatives

                     Wednesday, September 24, 2008

  Mr. POMEROY. Madam Speaker, I rise today to support this relief from 
the Alternative Minimum Tax, AMT. If Congress does not pass this 
legislation, over 25 million middle-class tax payers would find 
themselves subject to this tax.
  It is important that we provide this relief to millions of American 
families who want a better life for their families. The current 
structure of the AMT leaves middle-class households vulnerable to a 
significant unexpected tax bill while many very wealthy households pay 
no AMT. In these economic times, enacting AMT relief can put more money 
in their pockets rather than subject them to taxes that were not 
intended to apply to middle-class families.
  I have long supported and advocated for responsible reform of the 
Alternative Minimum Tax, which would be offset by other changes that 
target loopholes and abuses in the tax code. A responsible paid-for fix 
would also protect future generations of Americans from tax increases 
by not adding to our national debt. The Federal Government deficit will 
reach over $400 billion this fiscal year and it is projected to reach 
$500 billion in the next fiscal year.

[[Page E2150]]

  Today, we see the consequences of excessive debt in our economy. I am 
greatly concerned with the legacy of debt that we are leaving to our 
children as our national debt reaches over $10 trillion. That amount 
translates to a debt of over $30,000 for each of our children. We must 
pay interest on the debt and each day the average interest payment adds 
more than $1 billion to the tab we leave behind.
  While I believe that huge, persistent debt has a significant cost for 
the economy, I also practically realize that both the President and my 
colleagues across the aisle refuse to pay for this package of tax 
relief. They rejected the fiscally responsible bill, H.R. 6275, that I 
voted for in the Ways and Means Committee and on this floor when the 
House approved the bill on June 25, 2008. The other legislative body 
has only passed an AMT patch without an offset, rejecting paying for 
this tax relief just last week once again.
  Weighing the economic stress middle-class families face today, I will 
cast my vote for the Alternative Minimum Tax Relief Act today so that 
this tax does not fall on families struggling to meet increasing prices 
with wages that have not kept pace with inflation over the last 8 
years. I do so in the hope that Congress will work next year with a new 
administration to advance commonsense tax reform that includes paid for 
AMT relief. We must reverse years of failed Republican policies that 
have mortgaged our grandchildren's future with debt.

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