[Congressional Record (Bound Edition), Volume 147 (2001), Part 2]
[Extensions of Remarks]
[Pages 2909-2910]
[From the U.S. Government Publishing Office, www.gpo.gov]



             THE ALTERNATIVE MINIMUM TAX REPEAL ACT OF 2001

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                            HON. MAC COLLINS

                               of georgia

                    in the house of representatives

                         Tuesday, March 6, 2001

  Mr. COLLINS. Mr. Speaker, I rise today to introduce The Alternative 
Minimum Tax Repeal Act of 2001 which will repeal the individual 
Alternative Minimum Tax (AMT). The domestic tax system has dramatically 
changed since the creation of the AMT regime. Consequently, this tax 
regime has long outlived its purpose. Today, the AMT is punitive in 
nature, overly cumbersome and affects taxpayers who were never intended 
to fall into this tax trap. To immediately reduce the number of wage 
earners who are affected, my legislation will extend the current-law 
provision which allows personal tax credits to be applied against the 
AMT calculation. The proposal will also immediately increase the AMT 
income exemption level, originally added to the AMT structure in 1993, 
so that it is adjusted to reflect inflation since that time. 
Subsequently, it will increase the exemption amount annually by 10 
percent. In addition, the bill will repeal the income limitation that 
currently applies to that exemption.

[[Page 2910]]

Finally, at the end of a ten year period, the individual AMT will fully 
be repealed.
  Included in the tax plan outline presented by President George W. 
Bush, was a statement in support of additional tax code changes that 
would provide relief from the Alternative Minimum Tax. Please join me 
by cosponsoring this important legislation. Eliminating the AMT will 
reduce the complexity of the tax code and remove another heavy burden 
shouldered by wage earners.

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