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TO MEMORIALIZE THE CONGRESS OF THE UNITED STATES TO ABOLISH THE ALTERNATIVE MINIMUM TAX.
Whereas, in 1969, 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 with an annual income of more than forty-nine thousand dollars which deducts its 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 subject to the Alternative Minimum Tax during recessions are more likely to lay off their employees; and
Whereas, it is important to protect working families and productive companies from tax burdens that reduce the possibility of economic prosperity. Now, therefore,
Be it resolved by the House of Representatives, the Senate concurring:
That the members of the General Assembly, by this resolution, memorialize the Congress of the United States to abolish the Alternative Minimum Tax.
Be it further resolved that a copy of this resolution be forwarded to the United States Senate, the United States House of Representatives, and to each member of the South Carolina Congressional Delegation.
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