mr. speaker , today i rise in strong support of the rangel substitute to h.r. 4297 , the tax reconciliation act and in opposition to the underlying bill .  instead of stopping a tax increase for the middle class in 2006 , republicans have chosen to keep taxes low for the wealthiest americans in 2009 .  what kind of priorities favor the wealthy in the future over working families today ?  we can ill afford the continued `` tax cut and spend '' mentality that has marked the house during the last few years .  without a change in fiscal policy , future generations will be buried under a mountain of debt created by congress .  the bill before us today has many provisions i support , including the extension of the research and development tax credit , small business expensing , the deduction of higher education expenses , and brownfield sites expensing .  in fact , i am a cosponsor of a bill to make the research and development tax credit permanent , as it keeps american companies competitive and provides a strong incentive for businesses to invest in the future and create jobs .  i also support other provisions in this bill that help make college more affordable to millions of students and allow teachers to deduct out-of-pocket expenses .  unfortunately , the republicans did not stop there .  h.r. 4297 also includes a two year extension of the capital gains and dividend tax cuts , which are not scheduled to expire until 2008 .  nearly half of these tax cuts will go directly into the pockets of the 1 in 500 taxpayers who earn more than $ 1 million per year .  the contrast is stark : those who earn less than $ 40 , 000 will see an average tax cut of $ 7 , while those earning more than a million will save an average of $ 32 , 000 in taxes .  while republicans claim that the dividend tax cut boosts the economy , the facts are not on their side .  the federal reserve board recently released a report declaring that the dividend tax cuts of 2003 have not boosted the stock market .  to quote the report , `` we fail to find much , if any , imprint of the dividend tax cut news on the value of the aggregate stock market. '' there you have it : the nation 's top economists have determined that dividend tax reduction does not boost the stock market or increase wealth for shareholders .  most disingenuous is the fact that just three weeks ago , the house voted to cut medicaid , student loans , foster care assistance , and food stamps under the guise of deficit reduction .  however , today , we are voting for tax cuts that cost more than the money saved from the spending cuts .  the republicans have exposed their real agenda : they are robbing the poor to pay the rich .  this year , we have a projected deficit of more than $ 300 billion .  in addition , we will spend billions more in iraq and afghanistan , as well as rebuilding the gulf coast in the wake of hurricanes katrina , rita , and wilma .  we simply can not afford all of these emergency expenses while cutting taxes for the richest americans .  thankfully , there is an alternative .  the rangel substitute includes all the noncontroversial tax extensions i mentioned earlier and also contains three important provisions not found in h.r. 4297 .  first , the substitute drops the capital gains and dividend tax cuts in order to fix the alternative minimum tax ( amt ) .  the substitute would eliminate amt liability for individuals who earn less than $ 100 , 000 and joint filers with incomes below $ 200 , 000 , cutting taxes for 16 million families .  without this provision , more than half of all families with two children and incomes between $ 75 , 000 and $ 100 , 000 will be saddled with the amt .  this tax increase hits the middle class , and the republicans are content to sit idly and let it happen .  the democratic amt fix is similar to the senate-passed tax reconciliation legislation , which would ensure a speedy conference and protect taxpayers before the provision expires at the end of the year .  in addition , the substitute extends the tax-free status of combat pay .  while our military personnel are risking their lives abroad to keep us safe , the least we can do is prevent burdening them and their families with a huge tax increase .  best of all , the substitute is fully offset , and will not add a dime to the national debt .  the rangel substitute will revive the economy , relieve the tax burden on working families , encourage companies to invest in the future , and create jobs .  the republican bill will hand out money to rich people and increase the deficit .  the rangel substitute is a common-sense alternative that prevents a tax increase on working families , honors our troops , and does not cost a dime .  we need responsible tax policies instead of the reverse robin hood approach taken by republicans .  i urge my colleagues to join me in supporting the rangel substitute and opposing the underlying bill .  