[Congressional Record Volume 159, Number 7 (Tuesday, January 22, 2013)]
[Senate]
[Page S47]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. REID (for himself, Mr. Durbin, Mr. Schumer, Mrs. 
        Gillibrand, Mr. Lautenberg, Mr. Menendez, Mr. Brown, Mr. 
        Schatz, Mr. Sanders, Mrs. Boxer, Mr. Blumenthal, Mr. Cardin, 
        Mr. Coons, and Mr. Levin):
  S. 8. A bill expressing the sense of the Senate on the need to enact 
legislation to eliminate wasteful tax loopholes; to the Committee on 
Finance.
  Mr. REID. Mr. President, I ask unanimous consent that the text of the 
bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record as follows:

                                  S. 8

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``End Wasteful Tax Loopholes 
     Act''.

     SEC. 2. SENSE OF THE SENATE ON THE ELIMINATION OF TAX 
                   LOOPHOLES.

       It is the sense of the Senate that Congress should enact 
     legislation to--
       (1) eliminate wasteful tax loopholes that create incentives 
     for taxpayers to engage in transactions that have no economic 
     substance solely to lower their tax bills;
       (2) eliminate corporate tax loopholes and wasteful tax 
     breaks for special interests;
       (3) enhance tax fairness by reforming or eliminating tax 
     breaks that provide excessive benefits to millionaires and 
     billionaires;
       (4) crack down on tax cheaters and close the tax gap;
       (5) use the revenue saved by curtailing tax loopholes to 
     reduce the Federal deficit and reform the Federal tax code;
       (6) address provisions in the Federal tax code that make it 
     more profitable for companies to create jobs overseas than in 
     the United States; and
       (7) reform the Federal tax code in a manner that promotes 
     job creation, competitiveness, and economic growth in the 
     United States.
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