Dan Coats: “the American dream has been to be prudent, to save, to try to make life better for your children and your grandchildren…”

“the American dream has been to be prudent, to save, to try to make life better for your children and your grandchildren than it has been for you. The current inheritance tax system takes away that American dream--the dream that one generation can build upon the success of another to build a better life for themselves and their children. The current tax sends a message that the Government will take away what you have earned and not allow you to pass it on. That is a disincentive to work hard. It is a disincentive to be successful, a disincentive to pursue the American dream because when you die the fruits of your labors will be taken away from you and away from your family and given to the Government. This is selfish? Mr. Summers, who speaks for the President and the Vice President, says this 'is about as bad as it gets;' that it is about as selfish as it gets; that it is selfish to want to retain the fruits of your labors; that it is unselfish to give it to the Government, which in many instances wastes the money that you have worked so hard for.”