Mitch Landrieu: “a group of Senators, now for several years, has been working to reduce the estate tax. With the constraints on the…”

“a group of Senators, now for several years, has been working to reduce the estate tax. With the constraints on the budget, particularly with spending $348 million a day in Iraq, this has been difficult. But some of us have been working in good faith to reduce the 55-percent rate and to raise the unified credit. The tax in its current form is onerous, in my view unnecessary, and it clouds the ability of many of our successful business owners from planning the growth and expansion of their businesses that create jobs right here at home in America. Something should be done now, something that is real and does not increase our debt. The amendment I offer will reduce the rate to 35 percent and increase the unified credit to $10 million. Most importantly, this is paid for by the President's own offsets in the budget he submitted to us. So it is fully paid for. It reduces the tax rate to 35 percent and increases the unified tax credit to $10 million.”