Daniel Inouye: “my colleague, Senator Akaka, and I wish to engage the floor managers of the bill--the chairman of the Finance Committee…”

“my colleague, Senator Akaka, and I wish to engage the floor managers of the bill--the chairman of the Finance Committee, Senator Roth, and the ranking member, Senator Moynihan--in a discussion on the eventual compromise for estate tax relief. As the distinguished floor managers and all Senators are well aware, the present strategy in this election year is for the Senate to pass H.R. 8 without any change. The majority will vote down all amendments and pass the bill in the exact form as received from the House. the Senate can thus avoid a conference with the House and send the bill immediately to the President to be vetoed. The President repeatedly has said that he will veto H.R. 8 in its present form. But the President has added that he is willing to work with the Congress on a bipartisan basis to enact appropriate estate tax relief for small businesses and family farms. So, if any estate tax relief is to be enacted this year, it will occur as part of an eventual compromise on an omnibus legislative, tax, and spending package in September. Senator Akaka and I have raised with the distinguished floor managers the need to expand eligibility for deferral and installment payment of the estate tax.”