Mike Capuano: “I could speak all day long on why this particular bill is a bad one and why this particular rule is a bad one, but I…”

“I could speak all day long on why this particular bill is a bad one and why this particular rule is a bad one, but I think we will hear lots of debate on it. No one will come to this well on either side asking that small businesses and small farmers be overtaxed. I think everyone here would be happy to work on those two issues. That is not the point, and everybody here knows it is not the point. This bill goes way beyond that. On top of that, it does an additional thing no one seems to want to talk about. Many States in this country raise lots of money through the estate tax. That is their choice. Nobody makes them do it. Of our 50 States, 34 of them, plus the District of Columbia, raise estate tax money solely on the Federal income tax credit that is allowed for estate tax deductions. The maximum amount allowed. That is all they raise their money on. The taxpayer would have to pay the same amount of money no matter what, it is just a matter of who they cut the check to. Of those 35 States, right now approximately $4 billion a year are raised out of that money; $1 billion in New York, $730 million in California, $480 million in Florida, $180 million in Massachusetts, $200 in Illinois, $200 million in Texas, $130 million in Arkansas, et cetera. If this bill is passed, these States will lose that money.”