Jerry Moran: “I think obviously the answer lies in the question. It is not. It is an aberration of what our Founding Fathers intended…”

“I think obviously the answer lies in the question. It is not. It is an aberration of what our Founding Fathers intended, and I think this is a terribly important point. You know, if I were a lobbyist for a corporation that was using a loophole to get billions of dollars of tax preferences, and we can name any number of them, I do not think we need to be specific, but we know that there are about $400 billion of tax preferences in our Tax Code where people can make a legitimate argument of uneven treatment. But if I were a corporation or a wealthy individual; for example, if I was one of these very wealthy individuals who decided that I did not want to pay taxes on gains I had made in this country, so I denounced my citizenship and decided I am going to claim my citizenship offshore, some island or whatever, and even though I can still live here 6 months, or 1 day less than 6 months, or whatever the law is, I would know the law, and in fact I do not have to change my standard of living or my annual vacation plans, I just decide I am no longer an U.S. citizen. I denounce my citizenship, I live someplace else and, thus, save billions of dollars in total on gains made in this United States. We tried to get--and I will just finish this statement--we tried to get legislation through that would have saved $3.6 billion over 10 years just from a handful of wealthy families who denounced their American citizenship.”