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Senate Proceeding on May 15th, 2008 :: 6:34:31 to 6:38:41
Total video length: 9 hours 38 minutes Stream Tools: Stream Overview | Edit Time

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Kent Conrad

6:30:20 to 6:34:31( Edit History Discussion )
Speech By: Kent Conrad

Kent Conrad

6:34:11 to 6:34:31( Edit History Discussion )

Kent Conrad: you. madam president, i have given given one additional minute, so i have four or five minutes left at this point. the presiding officer: that's correct. mr. grassley: the bottom line is that it

Chuck Grassley

6:34:31 to 6:34:45( Edit History Discussion )

Chuck Grassley: is about time that we start treating spending and taxes the same under pay-go. and so the kyl motion to instruct treats expiring tax relief the same as expiring spending. that -- for that reason

Chuck Grassley

6:34:31 to 6:38:41( Edit History Discussion )
Speech By: Chuck Grassley

Chuck Grassley

6:34:45 to 6:34:58( Edit History Discussion )

Chuck Grassley: alone, aside from the merits of the a.m.t. patch and extenders should be enough to get the support from all of us on the kyl motion to instruct. the bottom line is that pay-go has a bias toward tax increase

Chuck Grassley

6:34:58 to 6:35:13( Edit History Discussion )

Chuck Grassley: and increased spending. -- increases and increased spending. we should have the same rules apply to the expenditure side as to the tax side. and presently they don't. but this would make it possible

Chuck Grassley

6:35:13 to 6:35:27( Edit History Discussion )

Chuck Grassley: for that to be the case. the chairman of the budget committee continues to say that he's going to bring in all of known from shutting down abusive tax shelters, which i also favor. and some examples are

Chuck Grassley

6:35:27 to 6:35:44( Edit History Discussion )

Chuck Grassley: like cross-border leases of foreign sewer stments he mentioned or shutting down tax havens, which he mentioned. and i would support him in every one of those efforts, but congress has done a great

Chuck Grassley

6:35:44 to 6:35:57( Edit History Discussion )

Chuck Grassley: deal already shutting down abusive leasing deals. we did that in 2004. and the senate has tried to shut off tax benefits from older deals. but the house democrats have rejected closing those loopholes.

Chuck Grassley

6:35:57 to 6:36:15( Edit History Discussion )

Chuck Grassley: so i don't see how the distinguished chairman can count on that revenue even though he keeps saying that this is the answer to all of our offset problems. in other words, getting enough new revenue

Chuck Grassley

6:36:15 to 6:36:31( Edit History Discussion )

Chuck Grassley: to offset tax cuts someplace else. the chairman also continues to say that we can get $100 billion per year from shutting down offshore tax havens according to the permanent subcommittee on investigations.

Chuck Grassley

6:36:31 to 6:36:46( Edit History Discussion )

Chuck Grassley: the fact is there are no legislative proposals out there that the joint tax committee has scored to bring in anywhere close to the $100 billion that we're led by the other o side, be,y the majority

Chuck Grassley

6:36:46 to 6:37:04( Edit History Discussion )

Chuck Grassley: that we're going to be able to do. the 12,748 companies the chairman says are in the udland house in the cayman islands are not claiming to be doing business there it is simply their registered address.

Chuck Grassley

6:37:04 to 6:37:17( Edit History Discussion )

Chuck Grassley: just like an address in nevada or delaware is a registered address of many more companies. does the chairman have an office building in reno, nevada, or wilmington, delaware. i'm assuming that the

Chuck Grassley

6:37:17 to 6:37:32( Edit History Discussion )

Chuck Grassley: chairman is just as willing to go after onshore tax evasion facilities as offshore tax evasion, and he would want to do so in a way that does not put our information exchange network at risk. the chairman

Chuck Grassley

6:37:32 to 6:37:45( Edit History Discussion )

Chuck Grassley: knows that it is the joint committee on taxation that provides congress with revenue scores, not the permanent subcommittee on investigations. anything that would raise the kind of money assumed in this budget

Chuck Grassley

6:37:45 to 6:38:01( Edit History Discussion )

Chuck Grassley: would involve a significant change in tax policy which is the last thing that the chairman says he wants to do. so, again, i don't see how the distinguished chairman can count on all of this revenue

Chuck Grassley

6:38:01 to 6:38:41( Edit History Discussion )

Chuck Grassley: without assuming substantial tax increases when the joint committee on taxation, the god of assuming revenue coming in under tax law changes, if that god cannot score it. thank you very much. i yield

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