House Concurrent Resolution 119

A CONCURRENT RESOLUTION REQUESTING THE CONGRESSIONAL DELEGATION OF THE STATE OF MISSISSIPPI TO WORK TO ABOLISH THE ALTERNATIVE MINIMUM TAX.

WHEREAS, in 1996, the United States Congress created the Alternative Minimum Tax to prevent wealthy Americans and corporations from using otherwise available deductions to reduce their income tax liability; and

WHEREAS, today the Alternative Minimum Tax has placed an onerous burden on working middle-class families and productive companies; and

WHEREAS, any family making over $49,000.00 that deducts their state and local taxes, mortgage interest, children and college education will be subject to the Alternative Minimum Tax; and

WHEREAS, the Corporate Alternative Minimum Tax targets capital intensive industries that create jobs, raise the incomes of workers and increase the standard of living for all Americans; and

WHEREAS, corporations become subject to the Alternative Minimum Tax during recessions, which force layoffs of the employees; and

WHEREAS, it is important to protect working middle-income families and productive companies from tax burdens that only reduce the possibility of economic prosperity instead of encourage it:

NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF MISSISSIPPI, THE SENATE CONCURRING THEREIN, That we request our elected Representatives and Senators in the United States Congress to repeal the individual and permanent Alternative Minimum Tax.

BE IT FURTHER RESOLVED, That copies of this resolution be furnished to the Mississippi Congressional Delegation and to the members of the Capitol Press Corps.