[Congressional Record (Bound Edition), Volume 157 (2011), Part 7]
[Senate]
[Page 9071]
[From the U.S. Government Publishing Office, www.gpo.gov]




                            PATCHING THE AMT

  Mr. WYDEN. Madam President, just to wrap up, Senator Coats and I are 
going to come to the floor in the weeks ahead to outline some of the 
most outlandish examples of how broken our tax system is. We thought it 
was appropriate to start with the alternative minimum tax because it 
really is the poster child for how out of whack the American tax system 
has become. I think we have highlighted a number of our big concerns, 
but I want Senators to pick up on the last point Senator Coats made, 
and that is that the country cannot afford the status quo.
  The idea that you would just go out and pass what is called a patch, 
a kind of bandaid to try to make sure some of the pain is minimized for 
middle-class folks--the most recent patch for just 2 years cost $135 
billion. The 10-year cost to make the current patch permanent is $683 
billion, according to the Congressional Budget Office. A patch does not 
protect everybody; it just limits the damage.
  What we want to say as we start this debate about how to go forward 
with tax reform is that the Congress cannot continue to handle the AMT 
with a patch. The country cannot afford it. Patching the AMT costs way 
too much, especially given the discussions we are having here, 
bipartisan discussions about how to deal with the Federal debt.
  The only affordable way to fix the alternative minimum tax, as 
Senator Coats has outlined this afternoon, is to fix it once and for 
all and do it within the context of comprehensive tax reform; to pick 
it up, as was done in the 1980s when a Republican President got 
together with Democratic Members of Congress and cleaned out special 
interest loopholes to hold down rates for everybody and give all 
Americans the opportunity to get ahead while still having a progressive 
tax system.
  We would repeal the alternative minimum tax once and for all and do 
it in a way that does not add to the Federal deficit. This is not 
Senator Coats and I plucking a figure out of the sky. The Joint 
Committee on Taxation has analyzed our bill, and under their analysis, 
Senator Coats and I eliminate the alternative minimum tax without 
adding to the Federal deficit. In my view, that is a pretty good way to 
start tax reform, start it in a bipartisan way and particularly by 
focusing on something that is so inequitable to hard-working middle-
class people.
  I thank my good friend from Indiana. I am prepared to yield the floor 
if my colleague has anything else he wants to say. I want to express my 
appreciation for the chance to work with him. We cannot deal with these 
big economic issues, the big economic challenges our country faces 
without going forward in a bipartisan way. I am very fortunate to have 
such an able partner. I thank him.
  Mr. COATS. I thank the Senator.
  Mr. WYDEN. Mr. President, I suggest the absence of a quorum.
  The PRESIDING OFFICER (Mr. Merkley). The clerk will call the roll.
  The assistant legislative clerk proceeded to call the roll.
  Mr. BARRASSO. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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