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‘House Democrats must stop these political games and take up the Senate-passed AMT patch immediately, or explain to taxpayers why they are delaying refunds for tens of millions of American families’

Washington, D.C. – U.S. Senator Mitch McConnell released the following statement on Wednesday in response to House Democrats’ decision to disregard the Senate-passed, bipartisan AMT patch and instead further delay tax refunds for millions of Americans:

“Eighty eight Senators, an overwhelming bipartisan majority of the Senate, are on the record regarding the middle-class tax hike known as the AMT: the Senate will not pass a short-term fix for some, if it includes a permanent, massive tax hike for others. But rather than take up a bipartisan Senate bill that would pass the House with overwhelming bipartisan support, the House has chosen yet again to take the path of the partisan dead end.

“They’ve chosen to put political gamesmanship ahead of the 50 million American families whose tax returns will be delayed while the House Democrat Leadership tries to make a political point. With less than a month before the filing season begins, the House must stop these political games and take up the Senate-passed AMT patch immediately, or explain to taxpayers why they are delaying refunds for tens of millions of American families.”

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‘They have set aside this time, as if magically in the next three hours, they will somehow pass the litany of things they have not been able to accomplish over the past three months’

Washington, D.C. – U.S. Senator Mitch McConnell delivered the following remarks [as prepared] on the Senate floor Wednesday regarding the Majority Leader’s decision to delay the farm bill in favor of spending hours of valuable floor time trying to score political points: “It is now December 12, nearly a quarter of the way through the new fiscal year.

“To date, we’ve only had one spending bill signed into law, the troops in the field haven’t been funded, the energy bill is still pending, updates to the laws governing our terrorist surveillance program—so that we can track terrorists and prevent attacks—haven’t been addressed, and the farm bill still isn’t finished.

“Christmas is less than two weeks away. So you’d think there’d be a flurry of activity here on the floor; you’d think that we would be doing everything possible so that we could finish our work before New Year’s Eve. But so far this week, we’ve had a grand total of ONE vote. One.

“So surely the majority has scheduled votes all day today, right?

“Wrong. We will not even consider the pending business, the farm bill, until this afternoon.

“And why do we have to wait until the afternoon? Is it so that we can spend the morning addressing tax relief, or the cost of gasoline, or our troops and veterans?

“It is none of the above. We are gathered here this morning so that the majority can spend hours of valuable floor time trying to score political points—instead of trying to make law.

“They have set aside the next three hours to try and show that this session’s limited accomplishments haven’t been their fault; that the endless investigations and midnight Iraq votes weren’t the cause.

“They have set aside this time, as if magically in the next three hours, they will somehow pass the litany of things they have not been able to accomplish over the past three months.

“So let’s not waste even more time relearning the lessons of the past. Partisanship and refusal to work with the minority may get you headlines, but it won’t get bills signed into law. If you're serious about accomplishments, let’s get back to work. Let’s work together so that instead of just pointing fingers, this Congress can actually point to some accomplishments.

“It’s December 12. There is simply no time for political exercises on the Senate floor. We simply don’t have the luxury of putting off our fundamental responsibilities any longer.”

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*The Equine Equity Act will provide tax relief for horse owners*

WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell announced Wednesday that the Senate approved his legislation to promote investment in the horse industry. The Equine Equity Act is now included in the Farm Bill, which is currently under consideration by the Senate.

“Horses are a vital part of Kentucky's economy and cultural heritage,” McConnell said. “They are the Commonwealth’s largest agricultural product, adding $3.5 billion to our economy and directly employing more than 50,000 Kentuckians.”

The Equine Equity Act of 2007 will reduce the capital gains holding period for horses and allow horse owners to depreciate all racehorses over the same period. It reduces the capital gains holding period for horses from 24 months to 12 months, which is the case with most capital assets. Currently, horses must be held for two years to receive capital gains treatment.

While many Americans identify the horse industry as one of Kentucky's signature industries, its economic impact extends well beyond the borders of the Commonwealth. A recent study found that the horse industry contributes approximately $39 billion in direct economic impacts to the U.S. economy each year. It sustains 1.4 million full-time equivalent jobs each year, with over 460,000 of those jobs created from direct spending within the industry.

Nearly 2 million Americans own horses, either for racing, showing or recreational purposes. Only about one-quarter, 28 percent, of U.S. horse owners have incomes greater than $100,000. Thirty-four percent of horse owners have an income of less than $50,000.

“Like many businesses, outside investments are essential to the operation and growth of the horse industry,” McConnell said. “Without investors willing to buy and breed horses, it is impossible for the industry to thrive.”

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