Jane Harman: “today I am voting for two bills to revise the estate tax. Neither is a perfect answer, and my votes signify my eagerness…”

“today I am voting for two bills to revise the estate tax. Neither is a perfect answer, and my votes signify my eagerness to work with both parties to craft a bipartisan solution. I support tax relief in the context of a responsible budget that ``spends'' our surplus wisely. Estate tax relief should be part of this budget. The present estate tax system hurts small businesses and hard-working families in the South Bay and elsewhere and it needs to change. We need immediate relief--not the promise of relief in 11 years, which is the essence of H.R. 8. We need a higher exemption--up to $4 million--which is the subject of a bipartisan letter I signed to President Bush. We should also consider the notion in H.R. 8 to subject appreciated property to capital gains tax--but we should do it in a way that does not impose new burdens on those presently exempt from estate tax. This is a work in progress. I reserve judgment on the final product. Today, my votes signify my willingness to engage the conversation.”