Sam Gibbons: “our Nation's economy is lagging behind the needed economic recovery that we all seek. Just yesterday President Bush…”

“our Nation's economy is lagging behind the needed economic recovery that we all seek. Just yesterday President Bush announced a sensible economic growth package that will grow our economy and create jobs for the American people. The President also again called upon Congress to permanently repeal the unfair death tax. As we all know, the 10-year sunset provision on the tax relief bill passed in 2001 has added a level of anxiety and uncertainty into our already complicated Tax Code. The current sunset has made estate planning as unpredictable as our own inevitable fate. Also, Mr. Speaker, as unemployment levels continue to rise, it is important to note that, according to the Heritage Foundation, just the repeal of the death tax will help to create an additional 145,000 jobs. In turn, the U.S. economy could produce $11 billion per year in extra output. So not only is the elimination of the death tax fair, it just makes common economic sense. Mr. Speaker, our President has again asked Congress to do the right thing, and I urge my colleagues to act now to permanently eliminate the death tax.”