Mitch Landrieu: “this is a bill that will reduce the estate tax and reform a system that needs to be reformed. It is an issue that many…”

“this is a bill that will reduce the estate tax and reform a system that needs to be reformed. It is an issue that many of us have been working on for several--not only several months but for several years. Leaders on both sides of the aisle and Members on both sides of the aisle have been trying to come up with a compromise position that would be respectful of the fiscal situation of our country and also mindful that this tax in its current form, at least the rates and the way it is applied in its current form, can simply not be sustained. It makes no sense for this tax to be in place 1 year and go completely away the next year and then come back in the next year at a completely different rate. We have been trying to make this much more simple for taxpayers who have to comply with it and much more fair so that it is not a discouragement for people who want to start businesses at later years. We want to try to be fair to the Federal Treasury and to the many demands. At one point, I supported the total repeal of this tax. That one time was when we were running a surplus and before we were engaged in the wars in Afghanistan and Iraq. The war in Iraq is costing this country approximately $4 billion to $6 billion a month. It has been going on for 3 years. Unfortunately, there does not seem to be an end in sight because things are not going as well as many of us had hoped.…”