Bill Archer: “I rise in support of H.R. 3419, the Tax Simplification and Technical Corrections Act of 1993. This bill is the product…”

“I rise in support of H.R. 3419, the Tax Simplification and Technical Corrections Act of 1993. This bill is the product of a bipartisan initiative by members of the Ways and Means Committee to simplify provisions in the Tax Code. These simplification measures are fairly modest, and enacting them will not magically erase the overwhelming complexity in the Tax Code. Still, these small simplifications will make life around tax time a little easier for many taxpayers. Chairman Rostenkowski has already described many of the provisions in this bill, so I won't go into a lot of detail. But, here are some of the taxpayers who would be helped by these simplification measures: investors in large partnerships who get intricate and almost unfathomable Schedules K-1 on April 15, preventing them from filing their tax return on time; individuals who would otherwise have to file complicated tax forms due to a small amount of passive losses or foreign tax credit; small businesses that operate as an S corporation; large businesses with international operations; people receiving pensions or expecting one day to receive one; and many others. These provisions should result in a little more convenience, a little less paperwork or recordkeeping, and a little less legal or accounting fees. The bill also corrects earlier technical drafting errors in prior tax, social security, human resources, and trade legislation.”