[Congressional Record (Bound Edition), Volume 151 (2005), Part 1]
[Senate]
[Pages 151-152]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           TSUNAMI TAX CREDIT

  Mr. BAUCUS. Madam President, I rise to share a few remarks involving 
the overwhelming disaster that has hit Southeast Asia. I hope the 
distinguished deputy leader would heed my remarks because I very much 
hope we can get this legislation passed this year--not only this year, 
but passed today--which gives a charitable tax deduction, cash 
deduction to Americans on their tax returns for 2004 who give a 
charitable contribution to the tsunami disaster. Clearly that has to be 
done

[[Page 152]]

immediately. Otherwise it will not have any real effect. It affects 
taxpayers who wish to give today but take the deduction on their 2004 
tax returns, or 2005. This gives an opportunity to take the deduction 
on the 2004 returns.
  It is almost impossible to talk about the tsunami disaster. Words do 
not begin to describe the extent of the disaster. We all feel it when 
we watch television and see the photographs in the newspapers. We hear 
reports from those who have been there; Secretary Powell, for example. 
It is so overwhelming. It is so large scale. One hundred fifty thousand 
people perished. Just imagine.
  September 11 was a disaster almost beyond belief, and that was 3,000 
deaths. We are talking now about 150,000 people who just had no 
defense. Families were destroyed. In many cases there is very little 
hope because so many relatives are gone. Roads are gone. Houses are 
gone. Up to 2 million people who are displaced are homeless. It is 
staggering. Some suggest this might be the worst disaster in modern 
history. It could well be. But whether it is the worst or second worst 
is not the point. The point is, it is a huge personal disaster, 
personal tragedy for so many people over such a large scale.
  I am encouraged and very thankful so many people around the world 
have poured their hearts out to the victims. Many have flown over to 
volunteer help. Many have sent contributions, sometimes in-kind 
contributions, sometimes cash.
  Last night, I was watching a television program to raise money for 
the tsunami victims, and you could see it happen over a 45-minute 
period. First it went to $1 million, and then it went up to $6 million 
that had been pledged within that 45 minutes. That is wonderful.
  I think a lot of Americans want to give. Clearly, some Americans are 
strapped, but they still want to give. It is the American spirit. It is 
who we are as Americans.
  I suggest, in cosponsoring a bill with the chairman of the Finance 
Committee, Senator Grassley, that we pass legislation today which gives 
Americans the opportunity to take the full deduction that is currently 
available for deductions in 2005--after all, this is January--that 
Americans can take that deduction today on their 2004 tax returns. I 
think many Americans would like to do that. It would be an additional 
incentive, an additional encouragement for Americans to contribute to 
the tsunami disaster.
  It is very simple legislation but legislation that will be very 
helpful, and it must pass right away. Clearly, it will not work if it 
is passed much later. It will cause a lot of administrative problems 
for the IRS. After all, April 15 is the deadline for 2004 tax returns. 
If we could pass this legislation today, the IRS has told us it can 
very easily accommodate and deal with the changes that are necessary to 
allow Americans to take those deductions on their 2004 tax returns for 
the contributions they make now.
  I very much hope the minor questions people have about this 
legislation are resolved very quickly because there is no reason not to 
pass this legislation. It will not create a huge precedential problem. 
It is not going to be terribly costly. But it is the right thing to do. 
It is the right thing for Americans to do, to pass legislation to make 
it a little easier for Americans to contribute to the victims of the 
tsunami disaster.
  I very much hope we can get it passed. I am going to stay on the 
floor today as long as it takes to get it passed. There is no 
conceivable reason it should not pass. I am going to stay here until we 
do get it passed because it is the right thing to do.
  Madam President, I yield the floor and suggest the absence of a 
quorum.
  The ACTING PRESIDENT pro tempore. The clerk will call the roll.
  The assistant legislative clerk proceeded to call the roll.
  Mr. DAYTON. Mr. President, I ask unanimous consent that the order for 
the quorum call be dispensed with.
  The PRESIDING OFFICER (Mr. Sununu). Without objection, it is so 
ordered.

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