[Congressional Record Volume 148, Number 78 (Thursday, June 13, 2002)]
[Extensions of Remarks]
[Page E1035]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 PERMANENT DEATH TAX REPEAL ACT OF 2002

                                 ______
                                 

                               speech of

                        HON. BENJAMIN A. GILMAN

                              of new york

                    in the house of representatives

                         Thursday, June 6, 2002

  Mr. GILMAN. Mr. Speaker, I rise today in strong support of H.R. 2143, 
the Permanent Death Tax Repeal Act and I urge my colleagues to lend 
this measure their support.
  This measure would repeal the sunset provision pertaining to the 
death tax that was included in the comprehensive tax relief legislation 
passed by Congress in the spring of 2001.
  Without passage of today's bill, the death tax provisions, which are 
gradually phased out over the next 8 years, will revert to 2001 levels 
in 2011.
  The estate tax is an outmoded policy that has long outlived its 
usefulness. Alternatively known as the death tax, this tax was 
instituted in 1916 to prevent too much wealth from congregating with 
the wealthy capitalist families in early 20th century America. The law 
failed in its original purpose, as the truly wealthy are always able to 
shelter their income with the help of tax attorneys that the middle-
class cannot afford.
  Instead, as incomes have risen in the past 30 years, the death tax, 
like so much of the Tax Code, has begun to impact the middle class, 
especially those with cash poor estates, like small businesses or 
family farms.
  The Congress addressed this problem last year, by providing for a 10-
year phase-out of the death tax. However, this structure makes advanced 
estate planning difficult, especially for those planning for after 
2011.
  Given this, it makes sense to simply repeal the sunset provisions 
affecting the death tax after 2010. This measure accomplishes this 
goal, and I urge my colleagues to join in support.

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