[Weekly Compilation of Presidential Documents Volume 36, Number 28 (Monday, July 17, 2000)]
[Pages 1644-1645]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on Senate Action on Estate Tax Legislation

July 14, 2000

    While I am willing to support targeted and fiscally responsible 
legislation that provides estate tax relief for small businesses, family 
farms, and principal residences, the estate tax repeal passed by the 
Senate is a budget-busting bill that provides a huge tax cut for the 
most well-off Americans at the expense of working families. This back-
loaded bill explodes in cost from $100 billion from 2001-10 to $750 
billion from 2011-20, just when Medicare and Social Security are coming 
under strain. The Senate is wrong to pass

[[Page 1645]]

this costly, irresponsible, and regressive bill which provides half of 
its benefits to about 3,000 families annually while more than 10 million 
Americans are waiting for an increase in the minimum wage and tens of 
millions of seniors lack dependable prescription drug coverage. 
Furthermore, studies by economists have found that repealing the estate 
tax would reduce charitable donations by $5 billion to $6 billion per 
year. When this bill comes to my desk, I will veto it.
    I am disappointed that the majority in the Senate placed such an 
emphasis on passing such a large and regressive tax cut, while voting 
against the priorities of millions of American families. The majority in 
the Senate voted against more targeted and fiscally responsible estate 
tax relief that would have eliminated estate taxes for two-thirds of 
families and the vast majority of small businesses and family farms at a 
fraction of the cost of repeal. The Senate also voted against measures 
to reduce poverty among senior citizens, provide for a voluntary 
Medicare prescription drug benefit, make college more affordable, 
provide additional housing, help working families save for retirement, 
and assist families in assuring affordable health insurance and long-
term care.
    I urge the congressional leadership to work with me to relieve the 
burden of estate taxes for small businesses, family farms, and families 
in a fiscally responsible manner while strengthening Social Security and 
Medicare, investing in key priorities, and paying down the debt by 2012.