[Congressional Record (Bound Edition), Volume 146 (2000), Part 4]
[House]
[Page 5417]
[From the U.S. Government Publishing Office, www.gpo.gov]



                                TAX CODE

  (Mr. SHERMAN asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. SHERMAN. Mr. Speaker, our economy is important, and we need sound 
policy, not soundbites. As the tax due date approaches, what we are 
getting is soundbites, and perhaps the worst is what is going on in the 
Committee on Ways and Means this week where they are considering a 
proposal to delegate rewriting the Tax Code to a commission, not to 
Members of Congress, who are supposed to report that code out on July 
4, 2004, and then our Internal Revenue Code would, by the terms of this 
bill, expire by the end of 2004. This means our economy will be in 
total disarray. Who would invest in municipal bonds if they do not know 
if the advantages of investing in them will be swept away? Who will 
start an R&D tax project if the credit is going to be swept away or 
might be? And who would count on fiscal responsibility in a society 
that is going to give its Congress just a few months to rewrite the 
entire Tax Code after it hears from a commission?
  What we see instead is an elaborate ruse that prevents us from 
reforming the Tax Code one section at a time.

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