S. 8 — Introduced in Senate

II 113th CONGRESS 1st Session S. 8 IN THE SENATE OF THE UNITED STATES January 22 (legislative day, January 3), 2013 Mr. Reid (for himself, Mr. Durbin, Mr. Schumer, Mrs. Gillibrand, Mr. Lautenberg, Mr. Menendez, Mr. Brown, Mr. Schatz, Mr. Sanders, Mrs. Boxer, Mr. Blumenthal, Mr. Cardin, Mr. Coons, and Mr. Levin) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL Expressing the sense of the Senate on the need to enact legislation to eliminate wasteful tax loopholes. 1. Short title This Act may be cited as the End Wasteful Tax Loopholes Act. 2. Sense of the Senate on the elimination of tax loopholes It is the sense of the Senate that Congress should enact legislation to— (1) eliminate wasteful tax loopholes that create incentives for taxpayers to engage in transactions that have no economic substance solely to lower their tax bills; (2) eliminate corporate tax loopholes and wasteful tax breaks for special interests; (3) enhance tax fairness by reforming or eliminating tax breaks that provide excessive benefits to millionaires and billionaires; (4) crack down on tax cheaters and close the tax gap; (5) use the revenue saved by curtailing tax loopholes to reduce the Federal deficit and reform the Federal tax code; (6) address provisions in the Federal tax code that make it more profitable for companies to create jobs overseas than in the United States; and (7) reform the Federal tax code in a manner that promotes job creation, competitiveness, and economic growth in the United States.