Political Quotes

“for the past several months we have focused extensively on the need for tax relief and the means for achieving it. As the chairman of the Committee on Small Business, I have argued time and again that the individual rate cuts included in the President's tax package will have tremendous benefits for small-business owners, the vast majority of whom pay taxes at the individual rather than the entity level. And time is of the essence since many of these hard-working Americans are now feeling real pain from the down turn in our economy. While I continue to believe that tax relief deserves our immediate attention, I cannot ignore another tax priority for small businesses, simplification of the tax code. With the year 2000 tax-filing season now behind us, thousands of small-business owners have once again been reacquainted with the stark realities of our current tax code. To keep that picture clearly in mind, let me remind my colleague of the results of an investigation that the General Accounting Office provided to my committee in the last Congress. A small-business owner faces more than 200 Internal Revenue Service, IRS, forms and schedules that could apply in a given year. While no business will have to file them all, it is a daunting universe of forms, including more than 8,000 lines, boxes, and data requirements, which are accompanied by over 700 pages.”