[Congressional Record Volume 156, Number 105 (Thursday, July 15, 2010)]
[Extensions of Remarks]
[Page E1339]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       RESPONSIBLE ESTATE TAX ACT

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                         HON. LINDA T. SANCHEZ

                             of california

                    in the house of representatives

                        Thursday, July 15, 2010

  Ms. LINDA T. SANCHEZ of California. Madam Speaker, I rise today to 
introduce the ``Responsible Estate Tax Act.'' This bill would provide a 
progressive rate structure for the Estate Tax rising from a rate of 45 
percent for individual estates worth $3.5 million or more to a rate of 
65 percent for estates over $500 million.
  This year for the first time since 1916, the heirs to multi-million 
and billion dollar fortunes are able to receive their entire 
inheritance free of federal taxes, costing at least $14.8 billion, 
that's billion with a ``B,'' in lost revenue in 2010 alone. If we do 
not act before the end of the year, the Estate Tax will return next 
year at a rate of 55 percent for individual estates worth more than $1 
million. Most members of this body agree that neither of those 
structures is ideal and this legislation is an effort to find common 
ground on an issue that has been a source of much controversy in recent 
decades.
  The Estate Tax was originally instituted to ensure that the very 
wealthiest families, those who have benefited from the greatness of the 
American economy, contribute back to that system so that others have a 
chance to succeed as well. The Responsible Estate Tax Act fits this 
mission by exempting over 99.7 percent of Americans from paying any 
estate tax whatsoever, while ensuring that the wealthiest Americans in 
our country pay their fair share.
  At a time when unemployment benefits, Medicaid assistance and small 
business incentives are being delayed in this body because of their 
cost, it is unconscionable to let $15 billion go tax free to the 
wealthiest handful of Americans. In this nation, we agree that everyone 
should earn his or her wealth, status, and privilege. We don't believe 
in an aristocracy which hoards wealth and leaves the rest of us to 
fight over crumbs. This proposal maintains our consensus and ensures 
America remains the land of opportunity.
  This bill is a companion to Senate legislation authored by Senators 
Sanders, Harkin, and Whitehouse and I want to commend them for their 
hard work and leadership on this issue.
  I urge my colleagues to join me in supporting this important 
legislation.

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