[Congressional Record Volume 151, Number 49 (Thursday, April 21, 2005)]
[Extensions of Remarks]
[Page E711]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                DEATH TAX REPEAL PERMANENCY ACT OF 2005

                                 ______
                                 

                               speech of

                          HON. BETTY McCOLLUM

                              of minnesota

                    in the house of representatives

                       Wednesday, April 13, 2005

  Ms. McCOLLUM of Minnesota. Mr. Speaker, I rise in opposition to H.R. 
8, the Republican Estate Tax bill. This legislation is further evidence 
of Republican's chronic addiction to digging deeper into debt. At a 
time when we face a deficit of over $400 billion, Republicans today 
chose to pass a bill that will cost Americans another $290 billion--
with the cost growing to nearly a trillion dollars after 10 years. This 
vote comes less than a month after the Majority supported a budget that 
will slash funding from education and from our firefighters, police, 
and veterans. This is a clear statement of the majority's priority 
which is to put corporations and the very rich ahead of our families 
and communities.
  Another rarely discussed provision of the Republican bill is the 
repeal of ``step-up in basis'', which will result in an increase in 
capital gains taxes and additional compliance burdens for many estates. 
This means that more families, businesses and family farms will have an 
increased tax liability rather than receive any benefit from this 
repeal.
  I support the Democratic alternative, the Certain and Immediate 
Estate Tax Relief Act, which would take effect next year and exempt 
99.7 percent of families and businesses from this tax for a third of 
the cost of the Republican proposal. In fact, if this substitute is 
adopted, all but 71 Minnesota families, 11 North Dakota families, and 5 
South Dakota families will be exempted from the estate tax.
  Permanent repeal of the estate tax benefits only the very wealthiest 
in our society while endangering our long-term economic stability and 
the solvency of Social Security and Medicare. It is my hope that 
Congress and the Administration will end this reckless spending and 
return us to common-sense, responsible public policy that makes the 
health, education and safety of American families our top priority.

                          ____________________