Chris Sununu: “my amendment is quite straightforward. It deals with a very large tax loophole that allows Government-sponsored…”

“my amendment is quite straightforward. It deals with a very large tax loophole that allows Government-sponsored entities, Fannie Mae and Freddie Mac, to avoid paying any State or local taxes whatsoever. It is a huge exemption for companies that are private, for-profit corporations, with their own shareholders. These companies have far higher profits and return on equity than so-called big oil that we have heard all of this criticism about for the last several hours. There is no reason they cannot pay State and local taxes like any other private, for-profit company, contribute back to those States, cities, and towns in a legitimate, straightforward way through the Tax Code. I think this is appropriate. There is no reason we should have such an enormous loophole for companies that earn millions of dollars, enough to pay their top executives not $2 million a year or $6 million a year or $8 million a year but in some cases $10 million a year that their chief executives have been paid over the last 3 to 5 years. That certainly is the kind of money that makes it legitimate for them to be paying State and local taxes like any other for-profit company. I ask for the yeas and nays on my amendment. The PRESIDING OFFICER. Is there a sufficient second? There appears to be a sufficient second. The yeas and nays are ordered. The question is on agreeing to the amendment. The clerk will call the roll. (Several Senators addressed the Chair). The PRESIDING OFFICER.…”