[Congressional Record Volume 155, Number 185 (Thursday, December 10, 2009)]
[Extensions of Remarks]
[Page E2935]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




PERMANENT ESTATE TAX RELIEF FOR FAMILIES, FARMERS, AND SMALL BUSINESSES 
                              ACT OF 2009

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                               speech of

                          HON. BETTY McCOLLUM

                              of minnesota

                    in the house of representatives

                       Thursday, December 3, 2009

  Ms. McCOLLUM. Mr. Speaker, I rise today in support of H.R. 4154, the 
Permanent Estate Tax Relief for Families, Farmers, and Small Businesses 
Act of 2009. This legislation is a necessary step in cleaning up the 
toxic fiscal legacy of the Bush administration.
  The estate tax is set to expire completely in 2010 unless Congress 
acts. Under current estate tax parameters, an individual can inherit, 
tax-free, a trust fund worth $3.5 million--more than a middle class 
family making $70,000 a year earns in a lifetime. For couples, the 
exemption is $7 million. H.R. 4154 would permanently extend these 
generous parameters, ensuring that 99.8 percent of Americans never pay 
a dime in estate taxes.
  This legislation helps put the Nation back on a path of fiscal 
sustainability. While it affects only a handful of the wealthiest 
Americans, the estate tax is an important source of Federal revenue. 
Eliminating this tax completely would expand the deficit by $662 
billion and reduce funding available for schools, roads and other 
priority investments. The bill also includes a ``pay-as-you-go'' 
provision that mandates fiscally responsible spending, restoring a 
1990s law that turned record deficits into surpluses.
  Without congressional action, the estate tax will return in 2011 at a 
much higher rate. By permanently extending current levels, H.R. 4154 is 
a compromise between higher estate taxes in the next decade and a 
complete elimination of the tax.
  Republican opposition to this compromise legislation is wrong-headed 
and hypocritical. By supporting nothing but a full repeal, Republicans 
are pushing for a policy that adds $662 billion to the deficit. This is 
extraordinarily irresponsible in a time of rising deficits and economic 
recession. With many middle-class families losing their jobs and their 
homes, it is difficult to justify a costly new tax cut for the Nation's 
wealthiest estates so they can pass on even larger inheritances tax-
free. H.R. 4154 is a far more reasonable approach.

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