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Richard N.
Democrat MA 1

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  • American Taxpayer Relief Act of 2012

    by Representative Richard E. Neal

    Posted on 2013-01-01

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    NEAL. Thank you, Mr. Levin.

    At this late hour, let me point something out and take exception to what [[Page H7554]] Chairman Camp said at the outset of his remarks. We're here tonight because, despite what the gentleman from Texas just said as well, you can't cut taxes by $2.3 trillion over 12 years and fight two wars.

    When you heard the argument before that was so popular, ``It's the people's money; it's going to promote economic growth,'' the most anemic economic growth America's had since Hoover became President, do you know what's the people's responsibility? Those veterans' hospitals. We have 1.7 million new veterans and 45,000 wounded. Do you know what the Republican whip said during those crucial years? Cutting taxes in a time of war is patriotic. So much for sacrifice for all of us.

    When you look back into how we got to this problem--revenue at 15 percent of GDP--that's an Eisenhower figure headed toward Truman. We've argued in this town about 19 to 21 percent for the better part of 30 years. Fifteen percent of revenue with GDP, 12 years of tax cuts.

    Now, this represents a reasonable step forward tonight. And I want to say with some personal satisfaction that I'm delighted with what we have finally done to put to rest the alternative minimum tax.

    {time} 2210 A million families in Massachusetts were threatened with alternative minimum tax. It was the responsible position tonight. But I want to give you a number. You know what these patches have cost us? $2.2 trillion over the life of AMT. The theology that we heard that was so popular in this institution--tax cuts pay for themselves--you can't find a mainstream economist today in America that will acknowledge that problem.

    This is a reasonable step forward. Vote for this measure, and let's get on to fundamental tax reform.

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