[Congressional Record (Bound Edition), Volume 146 (2000), Part 8]
[Extensions of Remarks]
[Page 10900]
[From the U.S. Government Publishing Office, www.gpo.gov]



                   DEATH TAX ELIMINATION ACT OF 2000

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                               speech of

                        HON. FORTNEY PETE STARK

                             of california

                    in the house of representatives

                          Friday, June 9, 2000

  Mr. STARK. Mr. Speaker, I have a rather personal interest in this 
legislation, and I have heard a lot from the chairman of the Committee 
on Ways and Means about what we owe our children, so I have come to the 
well this morning and apologize to my children, I have 5, and 10 
grandchildren.
  I am probably one of the few Members of the House who started out 
poor. I used to say I was so poor as a kid I never slept alone until I 
was married. But through good luck and the action of commerce, I was 
able to amass what most of the people in my district would call a 
fortune. And I have not paid much tax on that. I pay income tax each 
year. I pay more income tax than you pay me salary, but most of what I 
have was accumulated through capital gains, and I have not sold it. I 
do not intend to.
  My kids will get it pretty much free. So I apologize because I am 
going to vote against this. Kids, to Jeff and Bea and Thekla and Sarah, 
Fortney and the 10 grandkids, you are going to have to pay some tax. 
This is a little family business, it might be 7 figures, but you are 
going to get a down payment on that from your mother and me of 
$1,350,000 free. You have not worked a day in your life for that.
  You have a college education, down payment on your homes, cars, but 
you have not worked worth squat. First you are going to get a million 
to a million and a half bucks. Then you are going to get half of the 
business free. You may have to pay 50 to 55 percent tax on the balance. 
Next you are going to get 10 years to pay off that balance at a below 
prime interest rate. And, kids, if you are so dumb that you cannot run 
that business with over a 50 percent down payment given to you and 10 
years to pay off the balance at a low rate, you do not deserve it.
  You ought to have been trained in this country to earn your own way 
and pay your taxes every day so that Dad can have a prescription drug 
benefit and a decent nursing home so you do not have to worry about 
taking care of me in my dotage.
  There are not very many Members of Congress that are going to pay any 
inheritance tax. This is a gift to the rich not for independent, smart 
kids as I have raised.

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