Stealth Tax Relief Act of 2005
STEALTH TAX RELIEF ACT OF 2005 -- (House of Representatives - December 07, 2005)
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Mr. NEAL of Massachusetts. Mr. Speaker, let me thank the gentleman from New York (Mr. Rangel) for allocating the time.
The gentleman from New York (Mr. Reynolds) made some comments at the outset talking about in his time on the Ways and Means Committee he has seen the committee try to address the issue of alternative minimum tax. But what is really interesting is he has only been there a short period of time. For some of us who have been there for a long time, this is the annual request we make of the majority.
Now, I want to thank the gentleman from Florida (Mr. Foley) for his good and sincere words. But there is a reality here, as we look at alternative minimum tax, and the reality is this: during the last 5 years, we have had time to repeal the estate tax. We have had time to not only address the dividend issue and capital gains, but in the next few days, we are going to take up the issue of extending them for another 5 years.
Now, Congress has had time during these 5 years to do all of this. We have cut taxes for the wealthiest among us, millionaires who have received annual breaks totaling well over hundreds of thousands of dollars. But then when it comes time to address alternative minimum tax, we do it in what is known as the Stealth Tax Relief Act. And you know what, Mr. Speaker? That is the right term, the Stealth Tax Relief Act, because stealth is what this issue is all about. There is no reality addressed to what Congress is going to do in the next hour or so when it passes this bill. Is there anybody here in the Congress who is not in favor of this? I am not aware of anybody. We are all going to vote for this, and then reality is going to settle in.
And the reality is that this really does not mean very much. And, in fact, the gentleman from Florida (Mr. Foley) and the gentleman from New York (Mr. Reynolds) and the gentleman from New York (Mr. Rangel) and I are going to be back here next year, and we are going to be having this conversation. And the majority is going to say something like, well, the minority had years to do something about this. Who has been in charge of this institution for more than a decade? The problem is this does not square, the alternative minimum tax because it gives tax relief to middle-income Americans, it does not square with the overarching agenda here, and that is to take care of the strongest among us. That is to take care of people who really are minimally touched by alternative minimum tax.
They address this issue, as they do year after year, with a Band-Aid, with a Band-Aid. This issue, alternative minimum tax, requires major surgery. In fact, if they do not do something about it shortly, it is going to require a surgical air strike. That is how serious it has become. And my friends on the other side will say to me when we leave this Chamber, great job. You did a great job of calling attention to this issue. And then I am going to say to them, well, when are we going to do something about it? And they will say to me, next year.
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Mr. NEAL of Massachusetts. Mr. Speaker, will the gentleman yield?
Mr. REYNOLDS. I yield to the gentleman from Massachusetts.
Mr. NEAL of Massachusetts. Mr. Speaker, if the gentleman will recall, in committee I offered a substitute fully paid for and the majority rejected it on a party-line vote.
Mr. REYNOLDS. I believe that solution that you had also contained tax increases that Members felt that they did not want to incur at this time.
Mr. Speaker, I yield 2 minutes to the gentleman from Colorado (Mr. Beauprez), another distinguished member of the Ways and Means Committee.
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