Pelosi on AMT Bill: 'We're Going to Give Tax Relief to 23 Million Americans'

WASHINGTON, Dec. 12 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi spoke
on the House floor this evening on H.R. 4351, Alternative Minimum Tax Relief,
which passed by a vote of 226 to 193. Below are the Speaker's remarks:
"I associate myself with the remarks of Mr. Neal when he extended his
compliment to Mr. McCrery. He is a wonderful Member of Congress and we're
sorry to hear of his announced retirement. He will be missed here.
"I listened attentively to Mr. McCrery's comments, and I 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're
going to increase taxes. 'Hello?' he said, 'Hello?' Hello, Mr. McCrery. Yes.
We're going to give tax relief to 23 million Americans and approximately five
to ten thousand Americans will be paying the tab. And they will be paying the
tab because this legislation closes a loophole.
"Closing the loophole for these hedge fund CEOs who have taken their
profits off-shore 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? 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're saying to this
baby, this newborn baby that 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. Five to ten
thousand get an increase, 23 million get tax relief.
"Or we can say to the little baby, and all the little babies born across
America and all of our children: 'You are going to pay the tab because this
money will be borrowed, probably from a foreign government, possibly from
China. 50 billion dollars. 50 billion dollars. Put that on your tab, little
baby, because you are going to be paying that price for a long time.'
"So it's either the American taxpayer and future generations suffering if
we go the Republican route, or it will be 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, once their loopholes are closed in order
to foot the bill, or passing this onto 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, that 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's
a mystery to me why it isn't bipartisan and I hope that the bright light that
we can shine on it tonight 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.
"Let's make this the Children's Congress. Let's vote for this important
legislation."
SOURCE Office of the Speaker of the House

Brendan Daly or Nadeam Elshami, +1-202-226-7616, both for the Office of the
Speaker of the House