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Let me announce this to the American people tonight one of the best things about this debate, as a Democrat from Massachusetts, I have proposed eliminating, getting rid of the alternative minimum tax.
It is day after day in this institution, borrow money, run up the debt, run up the deficits and then with a straight face say, we are going to repeal a tax that affects 1 percent of the American people, just 1 percent of the American people.
The alternative minimum tax was designed to prevent the very wealthiest Americans from overusing certain tax benefits to avoid most of their tax burden.
More broadly, we are going to have to examine the safety net programs to make sure they are poised to catch the families before they fall even more, especially in the areas of unemployment benefits, child care assistance, and foster care.
People really have to believe in their tax system. They have to believe that there is an equitable distribution of the burden, but there is also an important investment based upon the potential achievements that come from us paying our taxes.
Well, when I was a kid, if my father was witnessing something that he thought was particularly outrageous or he was looking at some sort of a question that he thought lacked proper definition, he would say, Well, at least Jesse James had the honor to wear a mask.
President Bush is manufacturing a crisis by suggesting that Social Security is in imminent danger. It is not.
It is easy to talk about tax simplification, and we all know it is very difficult to accomplish; but for the last three Congresses, I have offered a tax simplification bill that would include a paid-for repeal of alternative minimum tax.
But what is striking about this, in a town that often talks about tax cuts, we could quite easily, Republicans and Democrats working together, do something that everybody in America desires, and that is a simplification of our Tax Code.
Over the years, dozens of American companies have filed papers to trade in their U.S. corporate citizenship for citizenship in tax haven countries like Bermuda.
Let me say at the outset that I do not reflexively oppose international trade.
