Madam Speaker, I rise today in strong support of the AMT Relief Act of 2008 and urge its immediate adoption. Twenty-five American million families — including over 120,000 of my constituents — will face a significant and unintended tax increase this year if we fail to act.
By now the facts regarding the Alternative Minimum Tax (AMT) are well understood: The AMT was enacted in 1969 to ensure that 155 of America’s wealthiest families paid their fair share of taxes. Because the AMT was never indexed to inflation, its reach now extends deep into America’s middle class in a way never envisioned or intended by its authors. I personally favor a full and complete repeal of the AMT, but until that goal can be accomplished, we must stop the AMT from snaring an increasing numbers of hard-working citizens.
The AMT Relief Act of 2008 achieves that objective by providing a one-year “patch” to the AMT through increasing the AMT exemption amounts to $46,200 for individuals and $69,950 for joint filers — essentially an inflation adjustment designed to ensure no new filers are subject to the AMT. Importantly for the nation’s fiscal health, this patch is fully paid for by closing loopholes elsewhere in the tax code.
Madam Speaker, this is important tax relief for America’s families. It is responsibly paid for. I urge my colleagues’ support.