Political Quotes

“The Senate finds that-- (1) foreign-controlled corporations doing business in the United States do not pay their fair share of taxes; (2) up to 72 percent of foreign-controlled corporations doing business in the United States pay no Federal income tax; (3) the Internal Revenue Service has limited its own ability to enforce Federal tax laws against foreign-controlled corporations, to the detriment of domestic taxpayers; (4) the Internal Revenue Service has been using antiquated accounting concepts to deal with sophisticated multinational corporations; (5) billions of dollars of Federal revenues are lost annually due to the inability of the Internal Revenue Service to enforce the ``arm's length'' transaction rule--not even counting the costs of bureaucracy and litigation; and (6) the Federal income tax laws encourage domestic taxpayers to relocate abroad by granting them deferral of United States taxes on income earned abroad.”