Political Quotes

“today, Senators Breaux, Gramm, Lincoln, and Bayh and I are introducing the Estate Tax Elimination Act, a bill to replace the federal estate tax with a tax on capital gains earned from inherited assets due when those assets are sold. This is the approach that won the support of bipartisan majorities in both houses of Congress last year. Instead of levying an estate tax at death, Congress agreed that a tax should be imposed when income is actually realized from inherited property--that is, when it is sold. The bipartisan consensus that already exists in support of this plan means that Congress and President Bush--who, unlike his predecessor, supports repeal of the death tax--can come together and quickly dispose of the issue this year. Mr. President, the beauty of this approach is that it removes death as the trigger for any tax. Whether an asset is sold by the decedent during his or her lifetime, or by someone who later inherits the property, the gain is taxed the same. Death neither confers a benefit, nor results in a punitive, confiscatory tax. Senators on both sides of the aisle accepted this arrangement last year, and should support it again this year. Mr. President, we know that many Americans are troubled by the estate tax's complexity and high rates, and by the mere fact that it is triggered by a person's death rather than the realization of income. For a long time, I have advocated repeal, because I believe death should not be a taxable event.”