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[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 97 Introduced in House (IH)]

105th CONGRESS
  1st Session
H. CON. RES. 97

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

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             June 12, 1997

Mr. Hinchey (for himself, Mr. Bonior, Mr. Obey, Mr. Spratt, Mr. Evans, 
Mr. Clay, Mr. Conyers, Mr. Wynn, Mr. Meehan, Mr. Serrano, Ms. DeGette, 
  Mr. Sanders, Mr. Fattah, Mr. Filner, Ms. Slaughter, Ms. Waters, Mr. 
Delahunt, Mrs. Meek of Florida, and Mr. Nadler) 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 alternative minimum tax 
 requiring all corporations and individuals with substantial economic 
  income to pay at least a minimum amount of 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 two fundamental principles conflict when tax preferences are 
        abused by individuals and corporations to entirely avoid tax liability;
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 resulted in over $40 billion 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 thousands of large, 
        profitable firms to evade paying any income taxes in a given year;
Whereas repeal of the alternative minimum tax would deplete the Treasury of an 
        estimated $34 billion over 10 years according to the House-Senate Joint 
        Committee on Taxation; and
Whereas stories 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 remain wholly intact as part of the Tax Code.
                                 <all>
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