SPEAKER INDEX CONTENTS INSERTS HILL 38 39 40 41 42 43 45 46 47 KELLY 34 35 36 37 KENNEDY 11 17 18 26 27 28 29 30 31 KIES 6 27 28 29 35 46 47 48 49 50 LAZIO 1 4 5 10 14 15 17 18 21 22 26 32 34 37 38 47 48 49 50 51 52 54 55 56 57 58 LEACH 10 11 22 32 33 34 MALONEY 4 RAVITCH 22 33 36 44 49 50 52 53 56 REZNICK 15 30 37 42 43 45 54 55 SMITH 18 30 35 36 37 38 39 40 41 42 43 45 46 50 51 53 54 57 CONTENTS SPEAKERS INSERTS STATEMENT OF KENNETH J. KIES, CHIEF OF STAFF, JOINT COMMITTEE ON TAXATION PAGE 6 STATEMENT OF DAVID REZNICK, PARTNER, REZNICK, FEDDER & SILVERMAN PAGE 15 STATEMENT OF DAVID A. SMITH, PRESIDENT, RECAPITALIZATION ADVISORS, INC. PAGE 18 STATEMENT OF RICHARD RAVITCH, PRESIDENT, RAVITCH, RICE & COMPANY, LLC PAGE 22 INSERTS SPEAKERS CONTENTS NO INSERTS IN THIS HEARING