Senate Floor Speech
Senator Kay Bailey Hutchison
December 21, 2005 -- Page: S14289

UNANIMOUS-CONSENT REQUEST -- H.R. 4096

MRS. HUTCHISON. Mr. President, if we are not going to take up the major tax cut at this time, I am going to ask unanimous consent to take up the AMT.

In 1969, when Congress passed the AMT it was supposed to affect 1 in 500,000 taxpayers who make over $200,000 a year. In fact, that is not the case today. By 2010, the AMT is expected to ensnare 32 million taxpayers, the majority of whom have adjusted gross incomes of under $100,000. In fact, this especially hits people with children. By the year 2010, among married taxpayers with two or more children, 85 percent of married taxpayers with two or more children in 2010 will face the AMT. It prohibits the ability to deduct for children.

So I ask unanimous consent that the Senate proceed to the immediate consideration of Calendar No. 326, H.R. 4096, the alternative minimum tax relief.

With all due respect to the Senator from Montana, I don't see how we can take part but not all of the tax reconciliation bill. It is time to do away with the AMT.

Mr. President, I do hope the Senator from Montana, working with the chairman of the Committee on Finance, will make it a priority early next year to have the tax reconciliation package go through with AMT and with the other tax cuts that would be extended to show the American people they can rely on the tax cuts that have been passed and have helped the economy in its recovery.

It is very important we not leave any question in anyone's mind that the tax cuts that started the economic upturn 2 years ago will be extended. The American people will get to keep the money in their pocketbooks, spend it, and fuel the jobs our economy has produced.

MR. BAUCUS. Mr. President, I listened carefully to the Senator from Texas. I think we all agree we have to do something about the AMT. It is a big problem.

I, frankly, tell the Senator I have introduced a bill to totally repeal AMT. It is a pernicious stealth tax and should not be incurred. We would like to work with the Senator to try and find a way to accomplish that.

MRS. HUTCHISON. I sign on to that effort immediately. With this kind of coalition maybe we can do something very important by doing away with the AMT in this country.