the current Tax Code is inhibiting innovation. Lack of capital is inhibiting innovation.

I think one of the challenges that a lot of people have when they first look at this tax bill, the ABC bill specifically, is they look at it through the lenses of an income tax.

we spent a lot of time with this proposal, thinking about just that.

A lot of the reason that we have LIFO now... it is a complete, you know, waste of people's time.

I think it would benefit a lot of new investment-type equity firms that would have to develop.

I think this is just very simple, because... you would pay--you would be under the old system, effectively.

It is my honor to present H.R. 4377, the American Business Competitiveness Act, known as the ABC Act, a business tax reform plan that I have been developing for several years.

If you look at what--the way that we attacked this in the ABC Act is we take all business activity and you essentially are taxed on your net cash-flow.

This means that companies of any size, no matter how they are organized, would pay no tax on any of their spending for personnel, equipment, property, or any other expenditure related to the operation of their business in the United States.

Many Republicans and Democrats agree the United States needs to adopt a broad-based consumption tax.

I have introduced the American Business Competitiveness Act, ABC Act, which is based on the X-tax that was developed by David Bradford and others.