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Providing for Consideration of H.R. 4297, Tax Relief Extension Reconciliation Act of 2005

Date: Dec. 8, 2005
Location: Washington, DC
Issues: Taxes


PROVIDING FOR CONSIDERATION OF H.R. 4297, TAX RELIEF EXTENSION RECONCILIATION ACT OF 2005 -- (House of Representatives - December 08, 2005)

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Mr. THOMPSON of California. I thank the gentleman for yielding.

Mr. Speaker, just 2 weeks ago, the majority came down to the floor and cut $50 billion from services for middle-class workers, students, hungry children, farmers, and single moms. Today, they are back with part two, pushing almost $60 billion in tax breaks for Americans who need help the least. Sadly, they are trying to peddle this as deficit reduction.

Mr. Speaker, you cannot spend $10 billion more than you cut and call it deficit reduction. Our constituents know that these numbers do not add up, and they also know that these priorities do not add up.

This bill grows the deficit, and it turns a blind eye to the tax increase the middle class will face in just another 23 days. That is when the relief for the alternative minimum tax, or the AMT, expires. If AMT expires, 16 million new families will start paying this tax next year. That is a tax increase.

This is an issue that hits home for my constituents. California is hit harder by AMT than any other State in the country. Almost a quarter of the revenues that come from the Treasury from AMT come directly from California. If AMT relief is not extended, that number will increase.

This legislation extends tax cuts that are not even close to expiring, cuts that are on the books for another 3 years. It changes more than 25 different tax provisions; but somehow, our friends in the majority could not find room for AMT relief: 16 million new families impacted, 23 days until expiration, zero regard for the middle class.

I urge my colleagues to vote against this irresponsible legislation and support the Rangel substitute. The substitute extends immediately-expiring tax provisions, and it protects our middle-class families from AMT.

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