I am concerned about the fact that, if you have withholding on corporate interest but not withholding on other forms of interest, this may induce portfolio effects.

Thank you, Chairman. And to other Members of the Committee, thanks for the opportunity to come and talk to you about a bill that I have been working on for nearly two years, H.R. 868, Veterans TRICARE Bill.

we need to preserve one level of efficient tax on active business income. Having that active business income taxed at the shareholder level assures individual progressivity.

Among the most significant--and inexplicable--inefficiencies in our business tax system is the fact that a significant portion of U.S. business income is taxed more than once.

Without significant reforms to the corporate tax system, we will continue to see an erosion in our overall tax base along with diminished growth and diminished investment.

the integration of shareholder and corporate taxation can achieve that goal.

This, put simply, is a problem.

We're going to produce a plan, and it's going to get adopted.

A better, more efficient system would be one that integrates the taxation of corporate and individual income.

Clearly, we are not going to be able to do comprehensive tax reform this year.

I hope that my colleagues on both sides of the aisle will work with me to ensure that my proposed changes take as many perspectives into account as possible.

Eliminating the deduction for interest and a 35-percent withholding tax on interest are, essentially, the same.

if you tell me the one person who can get a dividend under the dividend reduction regime without a corresponding withholding tax, I will tell you to whom everyone in the market will sell their stock the day before the deductible dividend…

This proposal has all of the benefits of shareholder or imputation credit integration, which is a system that has been proven to work well in European countries and in Australia.

when Congress does something, as slow as it is, our attempt is to do it correctly. When the Administration tries to do something, they just want to do it, and not necessarily do it right.

I just hope we can all work together in the best interest of our country.

our tax system is in need of fundamental reform.

Any drought bill must be fully paid for.