Bill Nelson: “this is an amendment everybody can vote for because you want to protect your States. The bill phases out the estate tax…”

“this is an amendment everybody can vote for because you want to protect your States. The bill phases out the estate tax for the State portion much quicker than it phases out the entire estate tax. It is going to put a real financial burden on our States. Under the existing bill, the State portion would be repealed much faster, not leaving our States enough time to prepare and plan for the loss of revenue. That is unfair to our State governments. This amendment, sponsored by Senator Graham and myself, would result in the full repeal of the estate tax but would phase out the State estate tax portion at a rate consistent with the repeal of the Federal portion and would pay for it through a temporary reduction in the top marginal rate cuts. This would provide for a responsible full repeal of the estate tax while leaving time for our States to plan for this loss of revenue to the States. I yield back the time, Mr. President.”