[Congressional Record (Bound Edition), Volume 146 (2000), Part 2]
[House]
[Page 2903]
[From the U.S. Government Publishing Office, www.gpo.gov]


[[Page 2903]]

       SMALL BUSINESS TAX FAIRNESS ACT SHOULD BE SIGNED INTO LAW

  (Mr. PITTS asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. PITTS. Mr. Speaker, I rise today to talk about the American 
dream. Of course, the American dream is different for everybody, but 
for a significant number of Americans, the American dream means 
starting up a small business, helping it to grow, and then passing on 
that business to their children.
  Unfortunately, our Federal Government punishes these people who want 
to pass their life's work on to their children. Approximately 70 
percent of family-owned businesses are not passed on to the next 
generation. Mr. Speaker, 87 percent do not make it to the third 
generation.
  This is no surprise when we factor in the death tax. The death tax 
forces families to pay taxes of up to 55 percent on the value of a 
deceased family Member's estate, making it virtually impossible for a 
small business owner or family farmer to pass that on to their family. 
This is wrong.
  The House has passed the Small Business Tax Fairness Act which will 
deliver some relief from the death tax. I hope the President will sign 
it and help more families live out the American dream.

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