[Congressional Record Volume 143, Number 50 (Thursday, April 24, 1997)]
[House]
[Pages H1800-H1801]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  DEPUTY TREASURY SECRETARY COMPLETELY MISSES THE POINT ON DEATH TAXES

  (Mr. PAXON asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. PAXON. Mr. Speaker, earlier this week the Deputy Treasury 
Secretary, Lawrence Summers, condemned efforts to ease Federal death 
taxes saying these were motivated by, and I am quoting him here, 
selfishness. I believe it is nothing short of an outrage for an 
administrative official who has such important influence over tax 
policy to make a statement like this.
  Secretary Summers completely misses the point on death taxes. The 
fact is whether it is small business or family farmers or others, they 
spend

[[Page H1801]]

thousands of hours and tens of thousands of dollars, in many cases a 
year, on estate planning to forestall the selloff of that family farm 
or that small business which results in the loss of jobs back at home 
in our districts. This is time and money that would be far better spent 
on buying new equipment and expanding operations so new jobs and more 
jobs and better wages can be created.
  Now as we continue this debate we cannot lose sight of the heavy 
costs that death taxes impose each and every year on our communities 
and our country. If we stress this enough here in Congress, hopefully 
the folks down at Treasury will finally open their eyes and ears to the 
real world.

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