Cord Byrd: “along with millions of Americans, I am acutely sensitive to the values of saving and hard work. Like citizens all across…”

“along with millions of Americans, I am acutely sensitive to the values of saving and hard work. Like citizens all across our country, many West Virginians devote their lives to acquiring and nurturing a family business or farm in order to pass it on to a son or daughter. These forward-looking Americans ought not to have to worry about their heirs losing the family heritage because of the demands of the tax code. While I oppose full repeal of the estate tax, I had hoped to support a compromise measure that would exempt small businesses and farms. In order to debate the estate tax repeal, and work on an amendment exempting small businesses and farms, I had hoped to vote for cloture on the motion to proceed. However, if cloture on the motion to proceed to the estate tax bill had been invoked, a compromise would not have been possible. The majority leadership indicated an intent to immediately file cloture on the underlying bill, and then to limit votes on amendments. The Senate would have then been forced to accept legislation that could have cost the U.S. Treasury up to $1 trillion over 15 years. If a realistic estate tax repeal is ever to be enacted, the Senate must be allowed to fully debate and amend the estate tax repeal. Such a sweeping tax repeal should not be forced down the throat of the Senate without a thorough debate and the offering of reasonable amendments.…”