[Congressional Record Volume 146, Number 71 (Friday, June 9, 2000)]
[House]
[Page H4125]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            DEATH TAX REPEAL

  (Mr. KNOLLENBERG asked and was given permission to address the House 
for 1 minute and to revise and extend his remarks.)
  Mr. KNOLLENBERG. Mr. Speaker, I rise today in support of the repeal 
of the death tax. I am a proud cosponsor of this legislation, and have 
been since I came here some 8 years ago.
  Under the guise of making the rich pay their fair share, the death 
tax discourages savings and investment and has a negative impact on the 
entire economy. Ironically, those that are most affected by the death 
tax are not the wealthy. They have the resources to shelter assets. But 
family-owned businesses, which are often asset-rich and cash poor, 
cannot meet those requirements.
  The death tax hits these businesses especially hard when the owner 
passes away. The result is that many family-owned businesses cannot 
survive in the family. Even prior to death, the death tax impacts many 
businesses, forcing the owners to divert money from productive uses, 
such as capital investment and job creation, to, guess what, estate tax 
planning.
  So for those who are out there who would vote against the death tax 
repeal, please think again. They are not hurting the wealthy, they are 
hurting the little guy.

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