Political Quotes

“as a New Yorker--and I am sure my esteemed chairman will understand--I rise in defense of Theodore Roosevelt's estate tax: One of the great achievements at the beginning of this century and of the last century--although we have members of the Finance Committee staff who still think we are in the last century, but we won't get into that matter. Today, we are here to decide if a century later we should repeal it. Again, I don't want to press this on my colleague and friend, the Senator from Delaware, but this matter should be in the Finance Committee. My friend doesn't have to say a word. We are the Committee that considers tax matters. It should have been referred to us and not sent directly to the floor. When we begin the debate and the voting begins, the Democrats will have an alternative. It is simple. I say forthwith and I will say no more, it is less costly than the measure we have received from the House. We would increase the general exemption from the present $675,000 to $1 million immediately--it was scheduled to rise to that level in the year 2006--and then to $2 million in the year 2009. We would increase the exemption for family-owned businesses and farms from $1.3 million to $2 million immediately and to $4 million by the year 2009. This increase would eliminate the estate tax on virtually all family farms and 75 percent of family-owned businesses that would otherwise be subject to the estate tax.”