On the recordAugust 6, 2022
I rise in opposition to my friend's amendment. We all agree here that taxpayers with less than $400,000 in taxable income should not face a tax increase. And there is language already--and I would like to note this--in the enforcement section of the bill that says just that. But the Crapo amendment goes much further than that. It applies--and I quote here--``to taxpayers with taxable income.'' And as Americans have learned recently, billionaires often have little or no taxable income for years on end. So under this amendment, the billionaires who live off their borrowings would be immune from audit, and that would invite further tax avoidance. I urge my colleagues to oppose this amendment. Vote on Amendment No. 5404 The ACTING PRESIDENT pro tempore. The question is on agreeing to the amendment.
