[Congressional Record Volume 143, Number 25 (Monday, March 3, 1997)]
[Senate]
[Page S1810]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               TAX RELIEF

  Mr. BURNS. Mr. President, today there will be legislation that will 
be introduced in the Congress having to do with estate taxes. I know 
estate taxes and capital gains are viewed by many as tax relief for the 
rich. Last week, a week ago today, I was watching a television program 
and there was a financial organization, or a mutual fund, who had 
declared that they had been so successful that they have to declare a 
capital gain. The people who had investments in that mutual fund would 
be assessed a tax because of those capital gains. I didn't see one rich 
man in that line that came down to complain about that. So it is not 
just that.
  If you are really concerned about keeping farmers on the land and 
letting young farmers get started, we have to start taking a look at 
capital gains, because I think we have to lower the average age of the 
farmers today, and also estate taxes, so that we can pass these farms 
and ranches and small businesses on to the next generation.
  Mr. President, I see my time has expired. I yield the floor.
  Mr. GRAMS addressed the Chair.
  The PRESIDING OFFICER. The Senator from Minnesota [Mr. Grams], is 
recognized.
  Mr. GRAMS. Mr. President, I ask unanimous consent to be able to speak 
for 10 minutes.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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