Political Quotes

“Mr. President, this amendment would set up a deficit- neutral reserve fund relating to making the American tax system simpler and fairer for all Americans. Not only do we need to do tax reform, but we need to do it urgently. It has been more than 30 years since we have reformed the Tax Code in any significant way. We have more preferences and loopholes and deductions out there than we know what to do with. In fact, if we total all of them together, there are more expenditures in the Tax Code, or money avoiding coming to Washington--tax avoidance--than we spend on our entire discretionary budget. It is about $1.26 trillion annually. So we have to have a code where we lower the rates and broaden the base. Broadening the base means going after some of these popular loopholes and deductions and preferences that make the Tax Code a lot bigger and scarier and more complicated than it should be. With that, I yield the floor. The PRESIDING OFFICER (Mr. Cassidy). Who yields time in opposition?”