[Congressional Record Volume 144, Number 111 (Friday, August 7, 1998)]
[Extensions of Remarks]
[Page E1639]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      INTRODUCTION OF LEGISLATION

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                           HON. JERRY WELLER

                              of illinois

                    in the house of representatives

                         Friday, August 7, 1998

  Mr. WELLER. Mr. Speaker, today, according to the NFIB, one third of 
small business owners will have to sell outright or liquidate a part of 
their firm or farm to pay estate taxes. Half of those who liquidate for 
this purpose have to eliminate 30 jobs or more. This is wrong, just 
plain wrong. With a $1.6 trillion dollar projected surplus and estate 
taxes accounting for one percent of annual revenues to the Treasury, 
the death tax is hardly justifiable in the face of devastation to 
families, their businesses and farms, the workers they employ or our 
nation's ability to compete in a global market.
  If we want to encourage entrepreneurship and job creation, we must do 
more to address this critical issue than merely allowing the payment of 
death taxes over a few years. We must send a clear message to all 
Americans, that if they want to pursue the American Dream we will not 
punish their children, grandchildren or their employees at their death.
  That is why I come to the well today to introduce the Family Business 
and Family Farm Preservation Act. My legislation says that your 
children can keep the business or farm in the family and avoid paying 
death taxes on it. All they have to do is continue to run the business 
as a family enterprise for ten years and plow the profits back into the 
business over the same time period.

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