[Congressional Record Volume 147, Number 49 (Thursday, April 5, 2001)]
[Extensions of Remarks]
[Page E561]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         ESTATE TAX RELIEF ACT

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                            HON. MAC COLLINS

                               of georgia

                    in the house of representatives

                        Wednesday, April 4, 2001

  Mr. COLLINS. Mr. Speaker, I rise today to introduce the Estate Tax 
Relief Act.
  The death tax is punitive in nature for all individuals, but it is 
particularly burdensome for closely-held, family-owned businesses that 
are the leading job creators in this country. The death tax rate of as 
much as 60% often means the difference between selling or keeping a 
family business intact. At a minimum, the death tax should be reduced. 
No targeted tax should force small businesses to sell or file 
bankruptcy.
  While the House of Representatives has passed the Death Tax Repeal 
Act (H.R. 8), the measure simply does not provide enough relief soon 
enough. First, the measure provides no relief for next year, and 
provides very little for taxpayers until well into the second half of 
the next decade. We have no assurances that relief will ever be made 
available in successive Congresses.
  The Estate Tax Relief Act ensures that we provide relief right away 
by converting the current structure to an exemption and ensuring that 
the first $10 million of an estate (per person) are exempted from the 
tax. Additionally, it lowers the top rate to 45%. In addition, the bill 
maintains the current-law step up in basis. With regard to the gift 
tax, the legislation puts in place a $50,000 per year, per taxpayer 
exemption.
  Mr. Speaker, if we are serious about reducing this onerous tax, my 
legislation is the right way to do it. Please join me in cosponsoring 
this measure so that we can ensure we reduce the difficulties this tax 
imposes on the transfer of assets.

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