Hearing of the House Ways and Means Committee, Subject: Fair and Equitable Tax Policy for America's Working Families

Statement

HEARING OF THE HOUSE WAYS AND MEANS COMMITTEE
SUBJECT: FAIR AND EQUITABLE TAX POLICY FOR AMERICA'S WORKING FAMILIES

REP. LLOYD DOGGETT (D-TX): Well, thank you so much for your testimony. We have endured 12 long years in this Congress where particularly, though not limited, but particularly in the area of taxation, logic, fact-based analysis was viewed with disdain, and mythology and ideology were very much on the ascendancy. It is good to hear all three of you reconfirm the obvious, even though it seems to be disputed by some on this panel, that tax cuts don't pay for themselves.

That theory has been the underlying principle for the borrow-and- spend policies that we've endured for the last 12 years, and I view it as a form of modern alchemy. As for no free lunches, to which Dr. Furman referred, we do still have at least 500 plus days of administration that believes in only free lunches now. And the policies that we are looking at certainly have to consider that. It was good to hear all three of you agree as well that we need to find more than a short-term fix for the Alternative Minimum Tax.

Now, as to that tax and its origin, we just had some discussion. This hearing just happens to coincide with the recent passing of Leona Helmsley, who I guess will have as part her legacy the richest dog in America. But she famously said that taxes were only for the little folks. And I would ask you as -- Dr. Burman, as the person who has been designated as the expert on the AMT, if you agree that the original purpose of the Alternative Minimum Tax, that even the richest Americans should share in contributing to the cost of our security and other necessary services of government, if narrowly structured and implemented, it still remains sound public policy.

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