On the recordJune 15, 2010
I just want to respond to my friend from Michigan, the chairman, and say it's really about the reality of this legislation, not just the rhetoric. And while excluding capital gains on the sale of small business stock is a great provision, the problem is this is drafted so narrowly that the small businesses have to be C corporations. And as we know, only a fraction of small businesses will be considered qualified small businesses to take advantage of this provision. This is the largest piece of this so-called 'small business relief' bill. And while it's great to talk about, the reality of it is going to be very limited. As I said in my statement, there are some positive things in this bill. Obviously, closing the Black Liquor 3 loophole is something I support, but on balance, because the bill isn't really going to do anything to create jobs, A, and, B, because there are, again, going to be temporary provisions that are paid for with permanent tax increases, and, third, the revenue raiser on the estate tax area on the Grantor Retained Annuity Trust is really one that ought to be reserved for when we have to deal with estate tax reform.
