Providing For Consideration Of H.R. 2576, Modifying Income Calculation For Health Care Programs, And Providing For Consideration Of H.R. 674,
I appreciate the gentleman's courtesy. I am pleased that the House will deal with the repeal this week. I was honored to be the principal cosponsor with my good friend, Wally Herger, of the Ways and Means Committee and to have a bipartisan…
I appreciate the gentleman's courtesy.
I am pleased that the House will deal with the repeal this week. I was honored to be the principal cosponsor with my good friend, Wally Herger, of the Ways and Means Committee and to have a bipartisan effort to move this legislation forward.
I didn't vote for this bill in 2005, in the first place. And I have been working to fix it ever since the impact was revealed to us. Tax compliance is an important goal. We have somewhere in the neighborhood of $200 billion to $300 billion a year that is owed to the Federal Government to meet our obligations and reduce burdens on others that is not paid. But this bill is decidedly not the approach to take.
My good friend, Congressman Hanna, a freshman Republican from upstate New York, has an excellent op-ed in today's Roll Call that outlines how onerous it is from his perspective of having been a small contractor.
There are three points that I think ought to be made as we go forward. First of all, we got this bill because we didn't follow regular order in 2005. I don't think there was ever a hearing before our Ways and Means Committee that talked about this bill that allowed contractors and small businesses to be able to explain the impact. I am very pleased that I think Chairman Camp is committed to trying to follow regular order in this Congress, unlike what happened in 2005.
The second point is that this reveals a flaw in the CBO calculation. I'm not faulting CBO. They're following their rules. But they assume that the Federal Government has the capacity to implement it. And they only count the revenues. Well, you don't have to go very far to understand that this wouldn't just be a burden on small business and it wouldn't just be a burden on State and local government. The cost of compliance for the Federal Government itself will, I guarantee you, be more than the amount of money that would be collected.
Finally, I felt that we could do better in paying for it; but, frankly, I think the situation that we are in in the months ahead is that we're going to need to do both. We will be making the adjustment that is advanced by my friends from the Ways and Means Committee, and we will be approving the elements that are in the motion that the Democrats would do in terms of fixing an egregious tax loophole for oil companies that only serves to improve their bottom line and does nothing to increase oil supply, does nothing to lower prices. But I will try and move both of those forward.
I very much appreciate it. I get a little wound up on this. But we've been working on it for a long time.
I want to conclude by saying that I hope we don't allow some strategic differences on the floor of the House between the two parties in terms of priorities. As I say, we will end up approving both these approaches because the scale of our deficit is such that we need to do it. The administration will support it, and both parties will ultimately get there. And I think the American public will support it.
But we need to come together to make sure that this legislation that
we're working on this week does not fall victim to crossed signals on the other side of the Capitol. We need to work with the other body. We need to send a strong signal here to make sure that this mistake from 2005 is corrected now and spares unnecessary hardship for our business community and also for State and local government and, indeed, for the Federal Government itself.