Publisher's Synopsis
Excerpt from Retroactive Taxation: Hearing Before the Subcommittee on the Constitution of the Committee on the Judiciary, United States Senate, One Hundred Third Congress, Second Session on S. J. Res. 120 August 4, 1994
Thus, in my judgment, date of enactment is not a satisfactory method of evaluating the fairness of specific tax legislation, and I think that it would be unwise to elevate it to a constitutional standard.
Second, I think our tax system is best served if policymakers have ?exibility in designing effective dates. To illustrate, I would like to refer to a legislative experience I had when I first joined the Treasury Department in the early 1980's. At that time there was much attention given to a tax transaction. Generally referred to as tax-exempt entity leasing. Among the highly publicized examples at the time were a lease by the Defense Department of Navy ships and Air Force jets from private tax-shelter partnerships.
In the spring, May of 1983, Congressman Jake Pickle introduced legislation that proposed restrictions on these leases. He suggested an effective date effectively the same as his date of introduction of his bill. During 1983, the House passed that legislation. The Fi nance Committee, under the chairmanship of Senator Dole, also recommended similar legislation using the May 1983 effective date.
As you will probably recall, budget reconciliation action was not completed during 1983 but was again considered by the Congress in 1984. In President Reagan's February 1984 budget message to the Congress, he proposed these restrictions again, using a retro active effective date to May 1983.
The Senate Finance Committee again included the restrictions in its reconciliation recommendations. These were passed by the Sen ate, and following conference, the Deficit Reduction act of 1984 was enacted in July. Not surprisingly, the final legislation included the May 1983 effective date.
About the Publisher
Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com
This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
