Doris Matsui: “I have frankly never, in my entire 23 years in this institution, seen a larger transfer of wealth than on the floor of…”

“I have frankly never, in my entire 23 years in this institution, seen a larger transfer of wealth than on the floor of the House of Representatives today. The reason for this is we have no surplus. The $5.6 trillion surplus is zero. It is gone. It is totally eliminated. As a result of that, whatever we use to pay for this estate tax repeal will come out of the payroll taxes of the average American, the 6.2 percent payroll tax that every American pays. We calculated this. In order to pay $103 billion a year, which it is over a 10-year period once it is fully in effect, the estate tax relief, we are talking about 55 million Americans that are making $30,000 a year, 55 million Americans, their FICA tax that they think is going into the Social Security trust fund, that money is actually going to pay some of the richest Americans and their estates in this country. It is a huge transfer of wealth that we are talking about. It is unconscionable.”