News From…
Congressman Dennis Cardoza
18th Congressional District of California
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| FOR IMMEDIATE RELEASE 12/19/2007 |
CONTACT: Jamie McInerney (202) 225-6131 |
| WASHINGTON – This week, Congressman Dennis Cardoza, and his colleagues in the Blue Dog Coalition, have taken a tough stand on fiscal responsibility by insisting that Congress pay for a 1 year Alternative Minimum Tax (AMT) “patch.” Twice already this year the House has passed a responsible AMT relief bill that does not increase the federal debt, but today Congress is poised to pass an AMT relief bill that will increase our debt by $80 billion.
"Sometimes you have to be willing to stand and take on a fight, even against someone who has all the advantages," said Rep. Dennis Cardoza. "We're in a box. The president has a veto. The Senate has a hidebound group of senators complicit with the president in protecting tax cheats. But if [George] Washington looked across the river, saw the Redcoats and turned tail, we wouldn't have the country we have today."
AMT relief legislation, which provides tax relief to 23 million American families who would otherwise pay higher taxes under the alternative minimum tax, should be passed without adding to the national debt. The House has done this twice by closing a loophole to prevent hedge fund managers and other individuals from using offshore tax haven corporations to defer taxes on compensation received for providing investment services.
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