Barney Frank: “rarely have the differences between the two political parties been more graphically demonstrated than when we debated…”

“rarely have the differences between the two political parties been more graphically demonstrated than when we debated the package of a minimum wage increase and tax reductions. The resistance on the part of the Republican leadership to a fairly small minimum wage increase in the midst of the greatest prosperity we have ever known speaks a great deal to a social insensitivity, but equally distressing to me is their decision that we should begin to reduce one of the most progressive taxes in America. And, of course, their goal is ultimately to repeal it. I speak of the estate tax. We have some unfair taxes in America, and many people feel that working people, people of average income, people who are making $30,000, $40,000, $50,000 a year pay an unfair share of the tax burden. And I believe that is true in part because of the payroll taxes. We have one tax, the estate tax, which literally applies only to millionaires. And it does not even apply to millionaires. It applies to people who have shown a rare talent. They have shown an ability to be related to millionaires. Madam Speaker, I think being related to a millionaire is certainly a great asset in life, and I would recommend it to people. If you have a chance to be related to someone very wealthy, take it. But I do not believe that being related to an extremely wealthy person who has just died is a mark of inherent value. It is neutral.”