AMT Relief Act of 2007

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

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Mr. THOMPSON of California. Mr. Speaker, today we're debating legislation that will provide middle-class families with tax relief from the AMT tax, 23 million taxpayers. We'll pass this legislation, offering AMT relief to middle-class families without increasing the Federal deficit.

My good friend from Wisconsin said earlier that this sets a new precedent. Yes, it does. We're going to be paying for this tax relief. That is precedent setting. To do otherwise would be an abdication of our responsibilities, both as legislators, and as stewards of our Nation's finances.

This administration has presided over 7 years of fiscal mismanagement. Spending has skyrocketed. Entitlements have expanded. Taxes have been cut without any regard to the bottom line.

As a result, our budgets haven't balanced, our surpluses turned into deficits, our national debt exploded, and our borrowing from other countries more than doubled.

If there was ever a time when fiscal discipline was necessary, it's today.

From day one, this Democratic majority has pledged our commitment to budget enforcement. One of our first acts as a new majority was to implement PAYGO rules. The position of this House and this majority has not changed. Congress must pay as we go, and we pay for this tax relief today by closing loopholes which allows tax avoidance for wealthy folks who move their money offshore, and we take what we gain from closing that loophole and in turn we pay for middle-class tax relief. Twenty-three million people will be hit with a tax increase if we don't pass this.

This legislation provides responsible tax relief. It does not increase the deficit and it deserves our vote.

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