Bill Archer: “only for the purpose of setting the record straight on comments made by my colleague, the gentleman from Texas [Mr.…”

“only for the purpose of setting the record straight on comments made by my colleague, the gentleman from Texas [Mr. Paul] for whom I have the greatest personal respect for his integrity, his genuineness and his sincerity. It just happens, however, that he is wrong in what he just said to the House. There is no tax increase in this bill. There is the closing of a corporate loophole, which I would think would appeal to my friend from California, to prevent the unintended use of the code in such a way that the Congress never believed it would be used. We are closing that loophole and we are gaining revenue from that. That is the appropriate thing to do. We will continue to do that under my stewardship of the Committee on Ways and Means wherever we find it in the code. It is not a tax increase. It is a removal of an unintended abuse of what Congress intended when they passed a provision in the code.”