[Congressional Record Volume 144, Number 141 (Friday, October 9, 1998)]
[Senate]
[Page S12187]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 SENATE RESOLUTION 296--EXPRESSING THE SENATE REGARDING THE COMPLETION 
                   OF CONSTRUCTION OF A WWII MEMORIAL

  MR. KERREY submitted the following resolution; which was considered 
and agreed to:

                              S. Res. 296

       Whereas World War II is the defining event of the 20th 
     century;
       Whereas in World War II, over 16,000,000 American men and 
     women served the Nation, of which nearly 300,000 were killed 
     and over 670,000 were wounded;
       Whereas in Public Law 103-422 (108 Stat. 4356), Congress 
     approved the location of a memorial to this epic event in 
     Area I of the District of Columbia and its environs, as 
     described in the Act entitled ``An Act to provide standards 
     for placement of commemorative works on certain Federal lands 
     in the District of Columbia and its environs, and for other 
     purposes'', approved November 14, 1986 (40 U.S.C. 1001 et 
     seq.); and
       Whereas Congress has traditionally provided funding for the 
     memorials commemorating President Thomas Jefferson and 
     President Abraham Lincoln, the monument to President George 
     Washington, and the Korean War Veterans Memorial: Now, 
     therefore, be it
         Resolved,

     SECTION 1. FUNDING OF A WORLD WAR II MEMORIAL.

       It is the sense of the Senate that, on completion of 
     construction of a World War II Memorial in Area I of the 
     District of Columbia and its environs, as described in that 
     Act, Congress should provide funding for the maintenance, 
     security, and custodial and long-term care of the memorial by 
     the National Park Service.

  Mr. KERRY. Mr. President, I have a very simple proposition for the 
Senate. Let's close an accidental tax loophole for the heirs of people 
who leave estates worth more than $17 million and use the savings to 
help self-employed Americans--like the thousands of entrepreneurs on 
Nebraska's farms and ranches--afford the soaring cost of health care.
  Today I am submitting legislation to accomplish that purpose.
  The facts are very simple. Prior to 1997, when we passed the 1997 
Balanced Budget Agreement, the first $600,000 of an estate was excluded 
from taxes. The old law gradually phased out this exclusion once an 
estate reached $17 million. The 1997 Act increases the value of an 
estate not subject to taxes. But a drafting error in the 1997 Balanced 
Budget Agreement failed to include the accompanying phase out of the 
exclusion on estates over $17 million.
  Clearly this error needs to be fixed. Letting this mistake stand 
uncorrected will cost the American taxpayers nearly $900 million over 
the next ten years. To give you an idea of how much this provision does 
to benefit the few, consider that in 1995, the Internal Revenue Service 
estimates that just 300 tax returns were filed on estates over $20 
million.
  Congress had the opportunity to correct this error during 
consideration of the IRS Reform bill this year. Regrettably, the 
objections of a few to making this right overcame the support of the 
many for doing so.
  Meanwhile, Mr. President, self-employed Americans are struggling to 
cope with the rising cost of health insurance, which they--unlike 
Americans employed by others--cannot fully deduct from their taxable 
income. The face of their struggle is most evident on farms and 
ranches. In Nebraska, producers are facing plunging commodity prices at 
the same time they face soaring costs of living, especially for health 
insurance. Today they can deduct 40 percent of the cost of their 
insurance. Under current law, they cannot fully deduct that cost until 
2007.
  So, my proposal is simple. Let's close the loophole that everyone 
admits was an accident, and use that money to accelerate the full 
deductibility of health insurance for the self-employed. It's a clear 
choice between a loophole that nobody wanted to exist and entrepreneurs 
who--especially those on our farms and ranches--may not exist much 
longer if we don't get them some help.
  While I recognize time is short for passing this bill this year, I 
urge my colleagues to join me in supporting this legislation and in 
pursuing this goal next year.

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