Charles Rangel: “H.R. 5394 is the Republican's third attempt to provide correct statutory language for the purpose of providing domestic…”

“H.R. 5394 is the Republican's third attempt to provide correct statutory language for the purpose of providing domestic and foreign manufacturers and retailers of bows and arrows with a level playing field. The original provision was enacted into law in 1997. A correction to that language was included in this year's Foreign Sales Corporation/ Extraterritorial Income Replacement, FSC/ETI, which resulted in another needed correction--as provided in H.R. 5394. Apparently, the most recent drafting error would cause about 10,000 new retailers to begin collecting excise taxes on a quarterly basis due to an unintended new point of tax collection created for arrow components costing less than a dollar. I hope that this time the Republicans got it right. Priorities What really concerns me today is not bows and arrows. Rather, I question the priorities of the Republicans in the House. The Republicans enjoy talking about their values--but their actions simply do not meet their words. According to Republican values, tax breaks for makers of bows and arrows are an urgent matter that must be addressed today. Of course, Ways and Means Committee Chairman Thomas knows that the bows and arrows correction could have been handled by unanimous consent last month.”