Political Quotes

“So that is not an issue of controversy. And Roman numeral (v), which is the new language under discriminatory tax, is acceptable. Two-thirds of the amendment that is offered is not in contest, either because it is in existing law--so whether we adopt the amendment or not, it is still going to be in the legislation--or it is acceptable. All the controversy, therefore, focuses on page 3, lines 5 through 23, which is the language that has been referred to as the ``nexus'' language. This language essentially as presented in this amendment was before the Senate Finance Committee. It was reviewed by the Senate Finance Committee and, on the recommendation of both the majority and minority legal counsel, was stricken from the bill. What was the basis, Mr. President, that the Finance Committee made such a recommendation to strike what is now the essence of lines 5 through 23 from this bill? These are the arguments that the Finance Committee was persuaded by. It determined that the areas of nexus, which relate to the subject of how much of a presence does an entity such as a business have to have in a State to make it subject to that State's tax authority. It determined that the areas of nexus were sufficiently clear under today's law that it was inappropriate to include such standards in Federal legislation.”