Byron Dorgan: “the budget resolution contains a sense of the Senate that the Tax Code shall be sunsetted at the end of the year 2001.…”

“the budget resolution contains a sense of the Senate that the Tax Code shall be sunsetted at the end of the year 2001. It doesn't provide what might be replacing that. It doesn't suggest whether after the current Tax Code is sunsetted there will be a flat tax, a VAT tax, a national sales tax; it just says sunset the Tax Code. The chairman of the Finance Committee, Senator Roth, says the following: I believe that a comprehensive overhaul of the Tax Code should be in place before any action is taken to sunset the existing Tax Code. The Tax Executives Institute, which represents thousands of corporations around the country, has said the same thing. It would be irresponsible to say let's get rid of the Tax Code without telling people what they are going to put in its place. What do you say to somebody who is going to buy a home tomorrow and they expect their mortgage interest deduction is going to be----”