Political Quotes

“Madam President, I understand there are questions about what the tax strategies portion of the bill does and who it impacts. So I want to take a few minutes to address those questions. In simple terms, a tax strategy is any method for reducing, avoiding, or deferring tax liability based upon the tax law--including interpretations and applications of the Internal Revenue Code, regulations, and related guidance. A tax strategy can be as simple as a plan to buy tax-exempt bonds or invest in an IRA to reduce your tax liability or as complex as some sort of sale-leaseback tax shelter involving multiple domestic and foreign corporations and partnerships. A tax strategy patent, which is what we are talking about in this bill, is just that--a patent on a particular tax strategy. Madam President, I ask unanimous consent to have printed in the Record an article from a publication called the Tax Adviser. This article provides some examples of tax strategies that should not be patented. There being no objection, the material was ordered to be printed in the Record, as follows: [From the Tax Advisors, Aug. 1, 2007] Patenting Tax Ideas (By Justine P. Ransome, J.D., MBA, CPA; and Eileen Sherr, CPA, M.Tax) Executive Summary TSPs have been issued in many areas, and many applications are currently pending. Such patents thwart Congressional intent and undermine the integrity of, and the public's confidence in, the tax system.…”