AMT Debate Highlights True Party of Fiscal Responsibility
From Democratic Whip James Clyburn:
The House just approved legislation to prevent 23 million middle class families from being hit by the AMT. The legislation also provides tax relief to homeowners, school teachers and parents with children in college and keeps businesses competitive by ensuring that American entrepreneurs are able to engage in cutting edge research and development. What's remarkable about this legislation is that it is budget-neutral--it doesn't add to the deficit or impose an undue burden on future generations.When so-called fiscally responsible Republicans had a chance to offer an alternative that does the same--protects 23 million American families from the AMT and doesn't add to the deficit, this is what they had to offer: click here
From Democratic Leader Steny Hoyer:
WHERE ARE THE REPUBLICANS??BORROW-AND-SPEND REPUBLICANS FAIL TO PROVIDE ANY PLAN FOR RESPONSIBLE MIDDLE-CLASS TAX RELIEF
Borrow-and-spend Republicans made clear during consideration of Middle-Class Tax Relief legislation considered on the House Floor today that their claims of being fiscally responsible are empty promises. When given the opportunity to put forward a substantive proposal that would show how they would provide fiscally responsible middle-class tax relief, Republicans came up with nothing.
Borrow-and-spend Republicans have no leg to stand on when it comes to fiscal responsibility: Instead of keeping their word and supporting fiscally responsible legislation that protects millions of Americans from the Alternative Minimum Tax, they argued that we NOT pay for middle-class tax relief, and instead pass the bill on to future generations.
While Republicans are all talk on fiscal responsibility, Democrats are making the tough decisions necessary to restore fiscal discipline to Washington. By adhering to pay-as-you-go budget rules for this bill, Democrats are showing our real commitment to paying for what we buy, rather than piling debt on our children and grandchildren.
REPUBLICANS WHO CLAIM TO BE FOR FISCAL RESPONSIBILITY OPPOSE PAYGO:
"The record of the House Republican leaders who contend that the House has not complied with PAYGO is one of staunch opposition to the PAYGO rule, and in particular, to paying for tax cuts." - Center for Budget and Policy Priorities, 11/7/07
DEMOCRATS COMMENDED FOR AMT LEGISLATION THAT FOLLOWS PAYGO:
"You demonstrate courage and true leadership by pushing to find ways to pay for your initiative... Complying with PAYGO for the AMT will send a strong message about the commitment of Congress to fiscal discipline." - Committee for a Responsible Federal Budget, 11/5/07
"In crafting the bill, however, the House Ways and Means Committee did not flinch when it came to PAYGO. All provisions were offset in a deficit neutral manner over the required budget window." - Concord Coalition, 11/8/07
"To its credit, the House Ways and Means Committee has produced an AMT patch whose costs are offset by other changes.... It's preferable... to the approach of congressional Republicans and the Bush administration, which is to not offset the tax cut with new taxes or spending cuts.... Perhaps Mr. Boehner believes that the Tax Fairy will simply leave $50 billion under the IRS's pillow." - Washington Post, 11/8/07
"The House tax committee met the challenge, drafting a bill that provides the needed tax relief and plugs the resulting budget gap, mainly by raising taxes on private equity partners and hedge fund managers. The bill is good policy." -- NY Times, 11/8/07