Burgess Owens: “I rise to challenge the conventional wisdom on taxes and to, thereby, give my tacit support for the conference report to…”

“I rise to challenge the conventional wisdom on taxes and to, thereby, give my tacit support for the conference report to H.R. 2676, the ``IRS Reform and Restructuring Act.'' When H.R. 2676 was initially considered in the House last November, I voted for it enthusiastically because it appeared to be a long-overdue form of taxpayer advocacy to protect our citizens. However, the bill that we consider today has remarkably moved from transforming the administration and oversight of the Internal Revenue Service (IRS) for the benefit of the average American taxpayer; today's version of H.R. 2676 includes provisions (not passed by either the House or Senate) which represent an arrogant, back-door effort to reduce taxes for the wealthiest Americans. H.R. 2676 not only reforms and restructures the IRS, but it reforms and restructures tax policy on capital gains, estates, and Roth Individual Retirement Accounts (IRAs). Instead of determining new ways to circumvent taxes on the ``unearned'' income of the rich, it is time that America's revenue and tax policy stop penalizing the ``earned'' income of our working families. It is an undisputable fact that working people are paying the cost of government--practically all of it. Our tax system is set up to pilfer the recipients of ``earned'' income--wages, salaries, and retirement pay--and protect the recipients of ``unearned'' income--interest, dividends, rents, and capital gains.”