AMT Relief Act of 2007

Floor Speech

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

Ms. PELOSI. Mr. Speaker, I thank the distinguished gentleman, Mr. Neal, chairman of the subcommittee for yielding and also for his great leadership on issues that regard strengthening the middle class and growing the middle class in our country.

I also want to associate myself with the remarks of Mr. Neal when he extended his compliments to Mr. McCrery. He is a wonderful Member of Congress, and I am sorry to hear of his announced retirement. He will be missed here.

I listened attentively to Mr. McCrery's comments and want to speak to them because I think they pose the question that this House has to decide upon this evening very clearly. Mr. Rangel and Mr. Neal have given us the opportunity here tonight to send a clear message to the American people that the leverage in this country has changed to the middle class now instead of protecting the assets of the top 1 percent in our country.

Mr. McCrery says to give a tax cut, to prevent a tax increase we are going to increase taxes. Hello? He said, Hello? Hello, Mr. McCrery; yes, we are going to give tax relief to 23 million Americans, 23 million Americans, and approximately 5,000 to 10,000 Americans will be paying the tab. And they will be paying the tab because this legislation closes a loophole. We are closing a loophole.

These hedge fund CEOs who have taken their profits offshore to avoid taxes, this is called tax evasion, and this loophole closes that. So yes, tax relief for 23 million families, 10,000 or fewer people paying the price.

What is the alternative? As Mr. Neal mentioned, to borrow. Happily, my colleagues, for those of you who may not know, I got my seventh grandchild this weekend. And as it is with grandchildren, you always think of the world in which they will live and what we are doing, the fiscal soundness, in the country in which they will live.

So what we are saying to this newborn baby, we have a choice here tonight. We can either close the loophole of tax evasion for the wealthiest people in America in order to give tax relief to 23 million families in America, 5,000 to 10,000 get an increase, 23 million get tax relief, or we can say to the little baby and all little babies born across America and all their children, you are going to pay the tab because this money will be borrowed, probably from a foreign government, possibly from China, $50 billion. Fifty billion dollars. Put that on your tab, little baby, because you are going to be paying that price for a long time.

So it is either the American taxpayer, future generations, suffering if we go the Republican route, or it will be fairness, fairness, a new principle in tax policy in our country. The choice is clear. We choose tax relief for 23 million families with 10,000 or fewer people paying the tab. The wealthiest people, producing billions of dollars, billions of dollars once their loopholes are closed in order to foot the bill or passing this on to our children.

I wonder if our colleagues would be willing, when we talk about AMT, the alternative minimum tax and paying for it, or any other issue when we try to pay for it, if they would be interested when they suggest that we not pay for it, if they would be willing in the same vote to vote to increase the debt ceiling, because that is exactly what you are proposing. Let us not pay for this. Let us increase the national debt in order to give comfort to people who are evading their taxes by going offshore to the tune of billions of dollars.

So I think what the Ways and Means Committee has done is masterful. It is a mystery to me why it isn't bipartisan, and I hope that the bright light that we can shine on it tonight of fairness will encourage the Senate to support this legislation.

Not to pay for the AMT middle-class tax relief is really a hoax on the American people. I know that in the course of the debate my colleagues will make that clear. I thank you.

We have had many proud days in this Congress, when we passed SCHIP, the health insurance for 10 million American children, when we passed many pieces of legislation that related to our children, their health and education and the economic security of their families, the environment in which they live, a world at peace in which they can survive, but none of them has been as proud a day for me as when the Democrats stood tall for the middle class giving them tax relief, having it paid for so that those little children do not have to inherit the debt.

Once again, let's make this the children's Congress and vote for this important legislation.

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