Political Quotes

“Mr. Speaker, again I urge all Members to support this legislation, which has indeed been posted online. This bill would eliminate a reporting requirement which has been identified as a potentially onerous burden for small businesses. The provision itself is not currently in place--it does not take effect until 2012--but recent studies have indicated that it could pose challenges for small businesses throughout this country. The Independent Taxpayer Advocate recently stated the provision, ``may present significant administrative challenges to taxpayers and the IRS.'' The advocate is concerned that the reporting requirement for small business--and again I quote--``may turn out to be disproportionate as compared with any resulting improvement in tax compliance.'' So here we are today to provide this House with an up-or-down vote on eliminating this requirement. This bill is fiscally responsible, covering the cost by reducing tax incentives that encourage companies to ship jobs overseas. This is a win-win for American jobs. This bill both provides relief to small businesses and reduces incentives for some large, multinational corporations to ship jobs overseas. It also closes an egregious loophole in the gift tax, the Grantor Retained Annuity Trust, that is only available for extremely wealthy individuals.…”