Anna Politkovskaya
Floor Speech
ANNA POLITKOVSKAYA -- (Senate - October 17, 2007)
BREAK IN TRANSCRIPT
Mr. GRASSLEY. Mr. President, I would like to comment on the status of the alternative minimum tax, AMT.
There is some good news regarding the need to do a patch to protect 19 million families. If you look back over the last few months, I have come to the floor several times to urge my friends in the Democratic leadership in both bodies to focus on this problem and get legislation ready. Earlier today, I urged the House to begin work on an AMT patch bill. I urged them to send it to the Senate so that Chairman Baucus and I will have a vehicle to deal with this pressing problem.
We have a few weeks to act before the IRS forms are finalized. After that time, there could be big problems for taxpayers and the Internal Revenue Service.
I was pleased to read in this afternoon's press reports that Chairman Rangel is going to process an AMT patch bill.
I also want to commend our Finance chairman, my friend, Senator Baucus, for convening an informal meeting of the Finance Committee to discuss this pressing matter. I hope the Democratic leadership provides Chairman Baucus floor time to take up a committee bill.
On a related point, at a press event earlier today, in answer to a reporter's question, I indicated that we could look at measures to insure that certain high-income taxpayers who pay no regular income tax or AMT pay some tax. I would like to elaborate on that comment.
I have referred many times to the IRS statistic of high income taxpayers who pay no regular income tax or AMT. The statistic is that, for the tax year 2004, IRS Statistics of Income reported that 2,833 taxpayers with incomes over $200,000 paid no income tax. That same group paid no AMT as well. I will ask to have inserted in the Record a copy of that statistic.
The reason this group does not pay tax is defects in the AMT. What I was saying is that the AMT is defective in its original purpose. That is, to make sure that all high-income taxpayers pay some tax. I was not arguing for a tax increase on high-income taxpayers who are paying either regular income tax or AMT. I was arguing that, if anything, if the AMT's original purpose is to be served, then insure that those not paying ANY tax, pay it.
Mr. Presdient, I ask unanimous consent to have a copy of the statistic to which I referred printed in the Record.
There being no objection, the material was ordered to be printed in the RECORD, as follows:
BREAK IN TRANSCRIPT
Source