On the recordApril 13, 2005
I yield myself 30 seconds. I am sure the gentleman from Michigan misspoke, and I am certain it was inadvertent. The bill, H.R. 8, actually does allow for a step up in basis of $3 million for a surviving spouse and another $1.3 million for surviving heirs. If the intent of the legislation, which it is, is to help family businesses be passed from one generation to the next and the surviving heirs choose not to farm or continue the family business, then they are the ones making the taxable decision to dispose of assets that would be subject to a 15 percent capital gains rate but certainly not the 45 percent estate tax. Mr. Speaker, I yield 1 minute to the gentleman from Florida (Mr. Shaw).
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