Political Quotes

“Democrats say that the book minimum tax will apply only to very large corporations with a 3-year average financial statement income in excess of $1 billion, but as their bill is currently proposed--and this change occurred basically in the last 24 hours--the bill would now require unrelated companies of any size held by funds or partnerships to combine their otherwise unrelated income to determine if they meet an aggregate $1 billion income threshold, subjecting each respective company to the book minimum tax even if its own income is far too low. This significant expansion of the tax has the potential to subject thousands of American businesses to the book minimum tax's administrative and financial burdens. The nonpartisan Joint Committee on Taxation said this change would raise $35 billion in taxes on potentially thousands of small- and medium-size businesses, not merely a hundred or so large companies as our Democratic friends would have you believe. My amendment is fully offset by extending for 1 year the cap on the State and local tax deduction enacted in the Tax Cuts and Jobs Act. I encourage my colleagues to support this amendment and help ensure our Nation's small- and medium-size businesses aren't hit with a misguided and entirely inappropriate $35 billion tax hike. The PRESIDING OFFICER. The Senator from Oregon.”