[Congressional Record (Bound Edition), Volume 149 (2003), Part 12]
[Extensions of Remarks]
[Page 15661]
[From the U.S. Government Publishing Office, www.gpo.gov]




                DEATH TAX REPEAL PERMANENCY ACT OF 2003

                                 ______
                                 

                               speech of

                             HON. TOM UDALL

                             of new mexico

                    in the house of representatives

                        Wednesday, June 18, 2003

  Mr. UDALL of New Mexico. Mr. Speaker, today, we are once again 
debating a tax bill that hopefully will never see the light of day in 
the other body. Here in the House, we have repeatedly cut taxes for the 
wealthiest few, while our deficit has exploded and we have ignored the 
countless priorities that our nation currently faces.
  That's what this debate is really about. It's about priorities. Their 
priority is to help the wealthiest few. I am proud to say that I do not 
share the Majority's priorities.
  My priorities include our disabled veterans. If we didn't pass this 
bill, we could possibly pass the concurrent receipt legislation.
  My priorities include a fair Child Tax Credit to help the working 
poor who make between $10,000 and $27,000.
  My priorities include providing decent housing and a quality 
education for our military families.
  My priorities include a fiscally sound economic growth plan that 
creates more jobs by building more roads, bridges and updating our 
crumbling schools.
  Unfortunately, by passing H.R. 8, we cannot begin to address the 
nation's real priorities.
  Mr. Speaker, while I support reducing the tax burden on working 
families whenever possible, I believe H.R. 8 badly misses the mark. As 
written, H.R. 8 would add $80 billion per year to the ever-growing 
federal deficit. While we are permanently eliminating the tax paid on 
the largest 2 percent of estates, we are contributing yet again to the 
exploding national debt--a debt our children and grandchildren must 
pay. In essence, H.R. 8 is a stealth tax on future generations.
  The federal estate tax should be reformed, not repealed. I support 
the plan offered by Mr. Pomeroy of North Dakota that would have 
provided immediate estate tax relief in a responsible manner. I support 
Mr. Pomeroy's attempt to exempt estates up to $3 million (and $6 
million for couples) from all federal estate taxes. This plan would 
exempt 99.6 percent of all estates in the country. In fact, only 400 
estates nationwide would pay the estate tax under the Pomeroy plan. Not 
only is this plan fairer, it would be fully paid for by eliminating 
unnecessary corporate tax shelters.
  Although supporters of H.R. 8 use family farmers and small business 
owners as the rationale for the bill, this claim is just a myth. There 
already are special provisions in the tax code to ease the burden on 
small businesses and family farms. In 1998, only 1.4 percent of all 
returns that paid the estate tax had farm assets that were taxed. Even 
with the changes made to the estate tax during the 107th Congress, the 
Congressional Research Service has estimated that less than one percent 
of small businesses and farms would be forced to liquidate assets to 
pay the tax. Our plan would have helped these families. Sadly, H.R. 8 
will not.
  I urge my colleagues to vote yes on the Pomeroy substitute and no on 
final passage.

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