Political Quotes

“I thank my friend from Indiana. He makes a number of important points we want to make sure are considered as the discussion about taxes goes forward. For example, Senator Coats pointed out on this question of changing just the corporate tax alone--what are essentially C corporations--the reality is the vast majority of businesses in this country are not C corporations; they are partnerships, limited liability corporations, sole proprietorships. They are about 80 percent of the businesses in this country. So Senator Coats has made the important point that to bring about tax reform, we can't just go with corporate taxation. We have to get at the needs of millions and millions of these small businesses. Chairman Bernanke was asked about this in the Budget Committee, and he said specifically that it was important to do comprehensive reform in order to generate the best opportunity for economic growth and job creation rather than corporate reform alone. Senator Coats also makes an important point, as we wrap up, about the temporary nature of our Tax Code and how frustrating that is to American businesses that need to have some capacity to predict what is ahead to generate jobs. The Wall Street Journal reported the other day that the only thing permanent about the American Tax Code is that it is temporary, and we have more than quadrupled the number of temporary provisions in the Tax Code in just the last few years.…”