Political Quotes

“Mr. President, Senator Baucus and I first introduced a bill to ban patents for tax inventions in the 110th Congress. Since then, we have worked with the leaders of the Judiciary Committee, the Patent and Trademark Office, the American Institute of Certified Public Accountants, industry, and members of the patent bar to perfect the language. I am pleased to introduce this new and improved bill today with Senators Baucus, Levin, Wyden, Bingaman, Conrad, Enzi, and Kerry. There are strong policy reasons to ban tax strategy patents. Tax strategy patents may lead to the marketing of aggressive tax shelters or otherwise mislead taxpayers about expected results. Tax strategy patents encumber the ability of taxpayers and their advisers to use the tax law freely, interfering with the voluntary tax compliance system. If firms or individuals were able to hold patents for these strategies, some taxpayers could face fees simply for complying with the Tax Code. And, tax patents provide windfalls to lawyers and patent holders by granting them exclusive rights to use tax loopholes, which could provide some businesses with an unfair advantage. Tax strategy patents are unlikely to be novel given the public nature of the Tax Code. Moreover, tax strategy patents may undermine the fairness of the Federal tax system by removing from the public domain particular ways of satisfying a taxpayer's legal obligations.…”