AMT Relief Act of 2007

AMT RELIEF ACT OF 2007 -- (House of Representatives - December 12, 2007)

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Mr. DOGGETT. After having run the national debt up sky high, these Republicans clamor for another loan. ``Just give us another $50 billion for one more tax cut.'' And we Democrats are saying ``No, your debt addiction must stop today. You're way over your credit limit.''

The Republican borrow-and-spend approach that we've had for the last 7 years may be easy politics, but it's mighty hard on an economy where the dollar keeps falling so that it's worth even less today than a Canadian looney.

In this bill, one way that we stop this Republican credit card borrowing spree is by adopting much of the Abusive Tax Shelter Shutdown Act, which I first introduced in June 1999. It combats tax shelters by denying a deduction for transactions that lack what is called ``economic substance.'' What that means is no more tax evasion by corporations that rely on what one professor described as ``deals done by very smart people that, absent tax considerations, would be very stupid.'' And it is very stupid to allow them to continue doing that.

When the corporate tax dodgers are made to pay their fair share, as this bill does today, everybody else who plays by the rules can pay less. And that's what this bill does. We stop corporate tax evasion; we stop corporate tax dodgers from shifting the tax burden to middle-class families, ensuring today both tax fairness and fiscal responsibility.

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