Evan Bayh: “Today Senator Tom Coburn, Representatives Rahm Emanuel and Walter Jones and I, in the House of Representatives, are…”

“Today Senator Tom Coburn, Representatives Rahm Emanuel and Walter Jones and I, in the House of Representatives, are re-introducing bipartisan legislation to close the capital gains tax gap. The legislation, entitled the Simplification Through Additional Reporting Tax (START) Act of 2007, will require brokerage houses and mutual fund companies to track and report cost basis information to their customers and the IRS. The legislation is based upon a recommendation made by the National Taxpayer Advocate, the organization created as part of the 1998 IRS Restructuring and Reform Act whose explicit purpose is to make recommendations to Congress to simplify the tax code. Taxpayers who pay the right amount each year should not be subsidizing those who don't. According to the National Taxpayer Advocate, Nina Olson, honest taxpayers are paying an additional $2700 in taxes to subsidize dishonest taxpayers. It is also an issue of fairness.”