Jim Nussle: “Mr. Speaker, the House has done its work on so many issues this session, including passing a budget. In fact, we have…”

“Mr. Speaker, the House has done its work on so many issues this session, including passing a budget. In fact, we have passed our budget twice in the House of Representatives, standing shoulder to shoulder with the President at this very important time in America's history. We have done our work. Among our accomplishments, the House has passed the Permanent Death Tax Repeal Act of 2002, H.R. 2143, by a very healthy, bipartisan margin back in June. The Senate has not yet taken action on this legislation. A temporary repeal of the death tax makes absolutely no sense. It does not make any sense, and it is not fair. Unless this very subtle quirk in the law is not repealed, thousands of Americans will lose tax relief that they deserve and that they expect. Let us call this what it really is. If we do not permanently bury the death tax, small business owners and family farmers will face a massive tax increase in 2011. The 2001 tax relief law phases out the death tax entirely by 2010; but without action to ensure permanency, it reappears in its full fury on January 1, 2011. This creates a ridiculous situation where one minute, one moment, one tick of the clock means the difference between no death tax and a full hit, depending on when someone passes away. Mr. Speaker, the death tax is fundamentally unjust because it results in double taxation.”