Video archive of the US Congress

House Proceeding 01-28-09 on Jan 28th, 2009 :: 3:43:35 to 3:46:00
Total video length: 3 hours 52 minutes Stream Tools: Stream Overview | Edit Time

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Richard E. Neal

3:43:31 to 3:43:51( Edit History Discussion )

Richard E. Neal: mr. camp's amendment is the last best chance for economic stimul for the next two years of democrat-controlled government. this democrat bill is not a stimulus, it is just another wasted bailout. i yield back. the chair: the gentleman yields back the balance of his time. massachusetts.

Richard E. Neal

3:43:35 to 3:46:00( Edit History Discussion )
Speech By: Richard E. Neal

Richard E. Neal

3:43:52 to 3:44:14( Edit History Discussion )

Richard E. Neal: mr. neal: thank you, mr. chairman. i'd like to yield myself the balance of our time. the chair: the gentleman from massachusetts is recognized. mr. neal: thank you. i stand in opposition to the camp amendment that's being offered at the moment. while you might hear that the republican amendment today includes a two-year patch for the a.m.t., let me tell you that this patch results in zero taxpayers ing helped.

Richard E. Neal

3:44:15 to 3:44:35( Edit History Discussion )

Richard E. Neal: i repeat, zero taxpayers being helped. i think the republican minority would agree that i've earned a ph.d. on a.m.t. during my time in the house. they are not republicans, they're professionals. i asked them to analyze the republican amendment and tell me how many taxpayers would pay

Richard E. Neal

3:44:36 to 3:44:57( Edit History Discussion )

Richard E. Neal: a.m.t. under current law without any patch and under my friend mr. camp's amendment. oddly enough, there will be 26 million families paying a.m.t. this year with or without the camp amendment and 28 million families paying a.m.t. next year with or without the camp amendment. that is because this patch

Richard E. Neal

3:44:58 to 3:45:19( Edit History Discussion )

Richard E. Neal: falls far short of what would be needed to protect the middle class from the takeback effect of a.m.t. now this budgetary trick was used in 2001 to mask the true cost of the bush tax cuts. without the a.m.t. patch, middle income taxpayers lost 2/3 of their promised bush tax

Richard E. Neal

3:45:20 to 3:45:40( Edit History Discussion )

Richard E. Neal: cuts to a.m.t. again, joint committee on taxation. and the same thing will happen under mr. camp's amendment. if mr. camp's amendment is enacted, middle income families, including 49,000 in my friend's district, will not see the lower 5% rate or the 10% rate that he promises.

Richard E. Neal

3:45:41 to 3:46:00( Edit History Discussion )

Richard E. Neal: 26 million families will pay higher taxes this year under the camp proposal because of alternative minimum tax. we will enact the patch this year so that those 26 million families will be protected from higher taxes. i guarantee you that. in fact, the senate has already added it to their stimulus bill.

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