“They tried to rebuild their radar because they can't see anything. We waited until it was almost built and then we hit it.”

Political Quotes

John B. Breaux: “today Mr. Mack and I are again introducing legislation to place a permanent moratorium on the Department of the…”

On the recordMarch 10, 1999
today Mr. Mack and I are again introducing legislation to place a permanent moratorium on the Department of the Treasury's authority to finalize any proposed regulations issued pursuant to Notice 98-35, dealing with the treatment of hybrid branch transactions under subpart F of the Internal Revenue Code. Our bill also prohibits Treasury from issuing new regulations relating to the tax treatment of hybrid transactions under subpart F and requires the Secretary to conduct a study of the tax treatment of hybrid transactions and to provide a written report to the Senate Committee on Finance and the House Committee on Ways and Means. By way of background, the United States generally subjects U.S. citizens and corporations to current taxation on their worldwide income. Two important devices mitigate or eliminate double taxation of income earned from foreign sources.
Said by
John B. Breaux
Source
govinfo.gov

Editor's note · Context

Introducing legislation to impose a moratorium on Treasury regulations regarding hybrid branch transactions.

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