Political Quotes

“I am pleased that every version of stimulus legislation--whether originating in the Administration, either body of Congress, Republican or Democrat--has included a provision to allow companies which have incurred losses this year to carry back those losses to offset income taxed more than two years ago. This is a very good concept and would actually provide money to these companies and help stimulate the economy. Taxpayers should be taxed on net income, not on some higher amount. If an accounting period longer than one year more appropriately reflects economic reality, we should not be hesitant to reflect that reality in our income tax laws. Unfortunately, the legislation before us does not remove the barriers denying some groups of corporations, which include life insurance companies, to net all their losses against the income they earned this year when they compute their federal income tax liability. I understand the constraints we were under in drafting the bill, but many of these corporate groups have incurred unexpectedly large losses this year and would be greatly helped if they were allowed to be taxed on net income, rather than some higher amount.”