WASHINGTON - Ways and Means Committee Chairman Charles B. Rangel (D-NY) issued the following statement on pending Senate consideration of legislation to prevent the alternative minimum tax (AMT) from hitting 23 million families this year:
"It is not clear what the Senate intends to do with the responsible package the House sent them to prevent the $50 billion burden of the AMT from hitting 23 million families it was never intended to hit. I understand the importance of extending AMT relief and the other critical deductions for individuals and businesses that would otherwise expire at the end of the year and I agree with the Secretary of the Treasury and the Internal Revenue Service that we must reach a conclusion on this package this year.
"The House has spoken - it is our position that we cannot borrow money to fix these tax problems. We will not force our children and grandchildren to shoulder mountains of debt to pay for tax benefits we provide today. This was our position before, it is our position now and since the Senate leadership has made a similar commitment, I have no reason to believe they are not going to fulfill it."
Last week, the U.S. House of Representatives passed H.R. 3996, a responsible tax relief package to spare millions of families from a tax increase this year under the AMT without adding to the national debt.
