Political Quotes

“Mr. Speaker, the Joint Tax Committee estimates that only 2 percent of all estates will pay estate taxes. Only 3 percent of that 2 percent are estates where family-owned businesses and farms make up more than half the value of the estate. To put this in further perspective, in 1998, the Department of Treasury estimates that only 776 family businesses and 642 family farms were subject to the estate tax. As a small businessperson, I am very much aware of the burden under which many entrepreneurs and working families must operate. My family has a family business, and I understand the concerns of those who want to pass their business on to the next generation. We have passed legislation in this Chamber which has exempted 98 percent of the family-owned family businesses and family farms. Still we are going to do more, and I support doing more. The plan that is before us today even in the 10-year period is $50 billion a year, but really what we are talking about is over $500 billion from 2011 to 2020, $500 billion when the baby boomers are coming of age for Social Security, for Medicare, and Medicaid and talking about a prescription drug program.”