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[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 110 Introduced in House (IH)]

104th CONGRESS
  1st Session
H. CON. RES. 110

     Expressing the sense of the Congress that the current Federal 
alternative minimum tax requiring all corporations and individuals with 
  substantial economic income to pay minimum taxes should be retained.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            October 25, 1995

  Mr. Hinchey (for himself, Mr. Bonior, Mr. Stark, Mr. Gonzalez, Mr. 
Schumer, Mr. Evans, Mr. Beilenson, Ms. Kaptur, Mr. Filner, Mr. Sanders, 
 Mr. Wynn, Mr. Fattah, Mr. Frost, Mr. Obey, Mr. Rahall, Mr. Clay, Mrs. 
Mink, Mr. Engel, Ms. Woolsey, Mr. Vento, Mr. Kennedy of Massachusetts, 
 Ms. McKinney, Mr. Meehan, Miss Collins of Michigan, Mr. Baldacci, Mr. 
   Serrano, Ms. Pelosi, Mr. Frank of Massachusetts, Ms. DeLauro, Mr. 
   Spratt, Ms. Slaughter, Ms. Velazquez, Mr. Owens, Mr. Conyers, Ms. 
Norton, Mr. Miller of California, Mr. Hastings of Florida, Mr. Watt of 
    North Carolina, Mr. DeFazio, Mr. Olver, Mrs. Lowey, Mr. Farr of 
  California, Mr. Becerra, Mr. Payne of New Jersey, and Mr. Martinez) 
 submitted the following concurrent resolution; which was referred to 
                    the Committee on Ways and Means

_______________________________________________________________________

                         CONCURRENT RESOLUTION

 
     Expressing the sense of the Congress that the current Federal 
alternative minimum tax requiring all corporations and individuals with 
  substantial economic income to pay minimum taxes should be retained.

Whereas a fundamental principle of the American tax system is to raise revenue 
        on individuals and corporations in relation to their ability to pay;
Whereas a fundamental principle of the American tax system is to encourage 
        certain types of economic activities beneficial to society through the 
        creation of various tax preferences;
Whereas these fundamental principles conflict when tax preferences are utilized 
        by individuals and corporations to avoid tax liability entirely;
Whereas the public good is harmed in instances in which corporations and 
        individuals with substantial economic income pay little or no taxes;
Whereas the alternative minimum tax was created under section 55 of the Internal 
        Revenue Code on a bipartisan basis in 1986 to ensure that no taxpayer 
        with substantial economic income avoids significant tax liability by 
        using exclusions, deductions, and credits;
Whereas the alternative minimum tax requires thousands of profitable 
        corporations and individuals to pay Federal income taxes each year that 
        would otherwise have little or no tax liability;
Whereas the alternative minimum tax has raised over $35,000,000,000 in revenues 
        since its enactment;
Whereas small businesses are protected from tax liability under the alternative 
        minimum tax due to the $40,000 exemption;
Whereas the alternative minimum tax was recently improved and streamlined by 
        Congress under the Omnibus Budget Reconciliation Act of 1993;
Whereas repeal of the alternative minimum tax would allow an estimated 76,000 
        firms representing 18 percent of United States business assets to escape 
        paying any income taxes in a given year;
Whereas repeal of the alternative minimum tax would deplete the Treasury of an 
        estimated $36,000,000,000 over 10 years;
Whereas reports of wealthy corporations and individuals who escape paying income 
        taxes would reduce the willingness of other taxpayers to comply with tax 
        laws: Now, therefore, be it
    Resolved by the House of Representatives (the Senate concurring), 
That the current alternative minimum tax on profitable individuals and 
corporations should be retained as part of the Internal Revenue Code of 
1986.
                                 <all>
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