WASHINGTON - Despite years of policies that led to record deficits and a national debt of more than $9 trillion, Congressional Republicans continue to threaten a filibuster on legislation to protect more than 23 million families from a tax increase this year under the alternative minimum tax (AMT) without adding to the deficit. The legislation, H.R. 3996, the Temporary Tax Relief Act of 2007, was written by Ways and Means Committee Chairman Charles B. Rangel (D-NY) to ensure that the number of taxpayers subject AMT will not increase this year.
"Rather than show responsible leadership, Congressional Republicans continue threatening a filibuster on this must-pass bill that would keep 23 million families from paying higher taxes under the AMT," said Chairman Rangel. "They want to take the easy way out by borrowing money from foreign nations and banks to pay for important policy decisions like they did to fund trillions in tax cuts for the rich and the continuing war in Iraq. These irresponsible decisions have consequences and their actions have sacked us with a record national debt. We have to pay interest on this out of control borrowing and that cost prevents us from making critical investments in education, health care and infrastructure to help keep America productive and competitive in a global economy."
Without immediate action, millions of taxpayers would be hit with a significant tax increase through no fault of their own. The Chairman’s legislation would prevent that tax increase, while also extending popular tax credits and deductions that expire at the end of the year. In total, the $77 billion tax package balances tax relief and deductions with provisions to close loopholes and end narrowly-targeted tax breaks to ensure that the bill does not add to the national debt.
The U.S. national debt is now $9 trillion. Each day more than $1 billion in interest accrues on this debt and each American’s share of this debt is hovering around $30,000.
