Political Quotes

“too little is known about the effects that this legislation would have on the U.S. economy. This bill as amended would eliminate the Internal Revenue Code by December 31, 2002, except for Social Security, Medicare and Railroad Retirement taxes. The bill would also give Congress until July 4, 2002, to devise a new tax system, while providing only the most general guidance as to what would replace it. What this bill does not do is specify what will replace the current system, once we eliminate those taxes that raise most of the government's revenue. In Fiscal Year 1997, the U.S. tax system raised $1.57 trillion in tax revenue from all sources. In one stroke, this bill would eliminate the individual and corporate income tax and all excise taxes, which constitute almost two-thirds of the federal government's revenues. Astonishing as it may seem, it would do so without providing any specific alternative except for a simple deadline requiring that the new tax system be in place four years from now. We have worked on a bipartisan basis on the House Ways and Means Committee and on the IRS Restructuring Commission to advance solutions to the difficulties that many Americans experience in complying with the tax law. We have worked constantly to simplify the tax code, to eliminate unnecessary regulations and paperwork, and to improve IRS taxpayer service.”