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Senate Proceeding on Mar 26th, 2009 :: 2:02:30 to 2:06:40
Total video length: 9 hours 39 minutes Stream Tools: Stream Overview | Edit Time

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Max Baucus

2:02:21 to 2:02:41( Edit History Discussion )

Max Baucus: quorum call: the presiding officer: senator from mon mr. baucus: i ask unanimous consent the call of the quorum be dispensed. the presiding officer: without objection, so ordered. mr. baucus: madam president, the amendment offered by the senator from south dakota would state the sense of the senate that the tax law should not be changed in any way that would discourage taxpayers from making charitable contributions and gifts.

Max Baucus

2:02:30 to 2:06:40( Edit History Discussion )
Speech By: Max Baucus

Max Baucus

2:02:42 to 2:03:03( Edit History Discussion )

Max Baucus: this country has a proud tradition of charitable giving. we are proud of that tradition. we are proud that we give to those in need. and we should encourage to keep on giving. and one of the best ways we do that is through the ite

Max Baucus

2:03:04 to 2:03:25( Edit History Discussion )

Max Baucus: deduction for charitable giving. we very much support the itemized deduction for charitable giving. but the senator's amendment is over broad. it would put the senate on record as favoring of incentives for charitable giving over all other priorities. let me talk about a few other priorities the

Max Baucus

2:03:26 to 2:03:47( Edit History Discussion )

Max Baucus: to consider. what about cracking down on tax cheats? what about balancing the budget? what about repealing the so-called death tax? the senator's seen as conflicting with those priorities.

Max Baucus

2:03:48 to 2:04:08( Edit History Discussion )

Max Baucus: say a tax cheat sets up a charity that is a scam. should the i.r.s. be able to crackdown on that scam? of course it should. but the senator's amendment says that we should preserve the full income tax deduction. end of sentence. let's say we want estate tax. some call it the death tax. there is wide agreement it

Max Baucus

2:04:09 to 2:04:29( Edit History Discussion )

Max Baucus: pretty disagreeable. it is a disagreeable tax. but, studies have also shown that repeal of the death tax would decrease charitable giving. should we scale back the estate tax any way? should sure we should.

Max Baucus

2:04:30 to 2:04:50( Edit History Discussion )

Max Baucus: but that would put the record that we should always encourage charitable giving rather than limit it, which would put a severe limitation on reducing the death tax. what if we reach a bipartisan budget agreement to lim deficit and help to balance the budget? might we n just consider -- limiting the ability of taxpayers to take their full deductions?

Max Baucus

2:04:51 to 2:05:12( Edit History Discussion )

Max Baucus: this is not so far-fetched. under the current law, itemized deductions are already limited for high-income givers. taxpayers with more than $166,800 in income face that limitation. and congress enacted that change as part of a bipartisan budget agreement back when it was negotiated by o.m.b. director

Max Baucus

2:05:13 to 2:05:33( Edit History Discussion )

Max Baucus: dick darman and signed into law by the first president bush. and yet these americans still give. americans who itemize deductions as well as americans who don't itemize deductions ton give. -- deductions conti according to c.r.s., only 30% of taxpayers claim a deduction for charitable giving, yet we know

Max Baucus

2:05:34 to 2:05:54( Edit History Discussion )

Max Baucus: that many more give to the group "independent sector" found that give. thankfully, many taxpayers make charitable contributions even though they're not giving any tax benefit at all. indeed, one might say that the greatest charity is when someone gives from the when its tax deductible. so we do not need the extreme

Max Baucus

2:05:55 to 2:06:16( Edit History Discussion )

Max Baucus: statement in the senator's amendment. rather, side-by-side amendment that emphasizes congress' continued support for but not so make it so extreme as to difficult to pursue other alternatives. let's show our support for charitable giving without making the categorical statement in the thune amendment. and i urge my colleagues to oppose the thune amendment and

Max Baucus

2:06:17 to 2:06:38( Edit History Discussion )

Max Baucus: support the baucus amendment. and, madam president, i call up -- first i ask unanimous consent, madam president, i ask pending amendments be temporarilset aside so that i 721. the presiding officer: is there an objection? without objection, so ordered.

Max Baucus

2:06:39 to 2:06:41( Edit History Discussion )

Max Baucus: the clerk: the senator from montana, mr. baucus, proposes an

2:06:39 to 2:06:59( Edit History Discussion )

the clerk: the senator from montana, mr. baucus, proposes an amendment numbered 721 to amendment number 687. mr. baucus: askhat further reading be dispensed with. the presiding officer: without obje mr. baucus: madam president, i yield the floor. and unless the senator from south dakota wishes to

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