On the recordDecember 3, 2015
I urge my colleagues to oppose this amendment. Senators Casey and Baldwin have proposed an amendment to further shift the tax burden onto high-income taxpayers. It would pay for new tax credits with the Buffett tax through taxing foreign inversion corporations as domestic and by expanding limitations on executive compensation deductibility. This legislation is not the place to add one-sided cuts that have not been included in regular order negotiations going on between Congress and the administration and in the Finance Committee. Further, passing this reconciliation legislation will repeal a dozen new taxes used to offset the cost of ObamaCare. Comprehensive tax reform is needed to examine our system of credits and deductions to create a pro-growth tax policy across income spectrums, but not in this bill. Washington already takes over $3 trillion per year from the American public, which is more than enough to fund necessary government functions. Increasing the tax burden on the most successful Americans discourages the work and jobs and investment necessary to grow America's economy. The PRESIDING OFFICER. The Senator's time has expired.
