Providing for Consideration of H.R. 4351, AMT Relief Act of 2007

PROVIDING FOR CONSIDERATION OF H.R. 4351, AMT RELIEF ACT OF 2007 -- (House of Representatives - December 12, 2007)

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Mr. COSTA. Madam Speaker, I thank the gentleman from California (Mr. Cardoza) for yielding me this time to speak in support of this rule.

What we are really talking about this morning is do we choose the easy road of least resistance to provide tax relief with the alternative minimum tax or do we choose the more difficult road that requires fiscal discipline, that requires us to be honest with the American taxpayers as to how we are plotting our fiscal priorities for our Nation today, tomorrow and for future generations.

We are debating the Alternative Minimum Tax Relief Act of 2007. It is important tax relief for millions of Americans. I support this legislation as it stands now. It is actually the second time in recent months that the House will send a paid-for alternative minimum tax relief to the Senate. It is important that we do this.

According to Secretary Paulson and the Department of the Treasury, unless we fix the AMT, 25 million taxpayers will be subject to it in 2007. That is 21 million more Americans than in 2006.

However, it is important, I believe, and I think many of those in the Blue Dog Caucus feel as well, that we pay as we go, that we provide the PAYGO provision that has been in every measure that has passed this House since January of this year.

PAYGO was implemented by the Democratic Congress actually back in 1990. It was signed into law by the elder President George Bush, and it was part of the rules of the Congress for 11 years. It was a tool that we put in place to rein in deficits that the Federal Government had experienced since the early 1970s.

This Congress pledged to reenact that pledge to the American people, to bring our House back in fiscal order. We have kept that promise since January of this year. Every single bill that we have voted on has complied with the PAYGO rule.

It is important that we note that our current debt is $9 trillion. Enough is enough. Much of that debt is owed by foreign nations. We can pass today the Alternative Minimum Tax Act by not borrowing money from China because of this PAYGO provision. I want to thank the leadership of this House for sticking with PAYGO. I urge my colleagues to vote for this measure, the rule and the underlying bill.

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