Max Baucus

Mr. BAUCUS

Mr. BAUCUS. I move to lay that motion on the table. The motion to lay on the table was agreed to. Amendment No. 578

Mr. BAUCUS. Mr. President, has the proponent of this amendment any time remaining? Have we completed the time remaining to speak in favor of the amendment?

Mr. BAUCUS. Is there any time remaining to speak for the amendment?

Mr. BAUCUS. Mr. President, I am going to vote for this amendment. I think all Senators should realize this is really a cover amendment. This is an amendment which allows Senators to not do the real thing. What is the real thing? The real thing is a vote for the Dorgan amendment which is next. The Dorgan amendment provides that Social Security taxes on 85 percent of Social Security benefits are not taxable. That is the real thing. The current amendment before us is a sense of the Senate. It is a cover amendment. I am going to support it. I think all Senators should support it. But the real test is the next amendment. If Senators vote for this amendment, if they want to reduce Social Security taxes, they should vote for the Dorgan amendment because that is the real amendment. That is the one that counts. I yield the remainder of my time.

Mr. BAUCUS. I move to lay that motion on the table. The motion to lay on the table was agreed to. Amendment No. 544

Mr. BAUCUS. Mr. President, pursuant to section 904 of the Congressional Budget Act, I move to waive the applicable section of that act in the budget resolution for the consideration of the pending amendment and ask for the yeas and nays.

Mr. BAUCUS. I move to lay that motion on the table. The motion to lay on the table was agreed to. Amendment No. 555

Mr. BAUCUS. Mr. President, this is essentially what I call a ``more stimulus now'' amendment. It has two provisions. One, it accelerates the year in which the dividend exclusion is effective. Under the committee bill, the dividend exclusion does not come into effect until 2004, which basically means most taxpayers are not going to receive the benefit until 2005 when they file their tax returns. All this takes effect in 2003 in my amendment, as well as the 10 percent. We are going to stimulate the economy. In addition, there is acceleration of the child tax credit. The amendment provides the full $400 be sent to those who qualify for the additional child tax credit, and that is based on the 2002 returns. If they qualify in 2002, they are entitled to the full $400 check in 2003. To avoid the problem we faced in the 2001 bill, where sometimes they got $300 and sometimes not, this will speed that up.

Mr. BAUCUS. Mr. President, I think it is a good idea to set up some kind of a body or commission to see if we can simplify the code, knowing that it is a daunting task. Nevertheless, we should try, including looking at the flat tax proposal that has been suggested by several Senators and other observers over the years. But at least let's give it a try. We can certainly improve upon the code we now have. I urge its adoption.

Mr. BAUCUS

Mr. BAUCUS. Mr. President, I ask unanimous consent that we now proceed to the amendment offered by the Senator from Connecticut.

Mr. BAUCUS. Mr. President, I ask unanimous consent that the pending amendments be set aside so we can consider the Hollings amendment.

Mr. BAUCUS. If the Senator will yield, this is probably the most important amendment of the night. I ask consent each side be allowed 2 minutes instead of the customary 1 minute.

Mr. BAUCUS. Mr. President, I ask unanimous consent the Reid amendment be temporarily laid aside to occur after the Santorum amendment. Is the next amendment in order the Breaux amendment? Is that the next amendment?

Mr. BAUCUS. I ask 4 minutes total, 2 minutes on each side, on the Breaux amendment.

Mr. BAUCUS. Mr. President, I ask unanimous consent that the pending amendments be set aside so we can consider the Dorgan amendment that Senator Reid of Nevada will call up.

Mr. BAUCUS. I ask unanimous consent that the order for the quorum call be rescinded.

Mr. BAUCUS. I ask unanimous consent that the pending amendments be set aside so the Senator from Michigan and I can enter into a colloquy----

Mr. BAUCUS. Mr. President, I ask unanimous consent that we now go to the amendment of the Senator from Rhode Island. Amendment No. 672

Mr. BAUCUS. Mr. President, the Senator from Michigan raised a very good point. There are provisions in the bill which address corporations that invert--that is, 100 percent invert--in tax shelters in Bermuda or other tax havens. That was shut down in March of this year. The next category is of companies with 50-percent or 80-percent ownership that also are inverted overseas. The Senator from Michigan makes a very good point that this, too, should be addressed. I will work with the Senator in the committee to address this windfall that these companies get from existing inversions. I will work with the Senator to try to shut that down.

Mr. BAUCUS. Concerning the amendment he might otherwise have.

Mr. BAUCUS. Mr. President, I now urge the Chair to recognize the Senator from Massachusetts for the purpose of a colloquy.

Mr. BAUCUS

Mr. BAUCUS. I ask unanimous consent that the Warner amendment and all relevant amendments be temporarily set aside so we can next proceed to the Graham of Florida amendment.

Mr. BAUCUS. Mr. President, my understanding is the next amendment is the amendment offered by the Senator from North Dakota, Mr. Conrad.

Mr. BAUCUS. I move to lay that motion on the table. The motion to lay on the table was agreed to. Amendment No. 611

Mr. BAUCUS. I move to reconsider the vote.