On the recordApril 15, 1996
If I could suggest to the gentleman, $360 million is not exactly getting down to the penny. That is the amount of money that we would recoup if we simply made people pay taxes on gains generated here in the United States, rather than being able to denounce their citizenship and claim another residence to avoid taxes. That is $360 million annually, $3.6 billion over 10 years. But you are saying that if it is less than $1.5 billion, it does not count, it is de minimis. I do not know a lot of American families that consider $1.5 billion de minimis. We need to know how many of these tax loopholes are going to be precluded from being closed with your legislation.
Source
govinfo.gov
