Max Baucus: “Garrison Keillor is quoted as saying, ``I believe in looking reality straight in the eye and denying it.'' That approach…”

“Garrison Keillor is quoted as saying, ``I believe in looking reality straight in the eye and denying it.'' That approach is perhaps what some would like us to do with respect to the increasing problem of the use of abusive tax shelters to avoid or evade taxes. But I do not agree. The Tax Shelter Transparency Act that I introduce today doesn't deny reality, rather, it shines some transparency on reality so that we have a better understanding of what is going on out there. Following Enron's bankruptcy, I think that all Americans have a greater appreciation for the need for greater transparency in complex tax transactions. The legislation is the product of over 2 years of review and public comment. The Tax Shelter Transparency Act also incorporates tax shelter proposals released by the Department of the Treasury the day before the Senate Finance Committee's March 21, 2002 hearing on the subject.”