Roy Blunt: “It is time to eliminate this tax. I heard my good friend, the gentleman from Massachusetts (Mr. Moakley), earlier today…”

“It is time to eliminate this tax. I heard my good friend, the gentleman from Massachusetts (Mr. Moakley), earlier today say that 2 percent of the estates in the country are taxed. I think that is an accurate figure. I think we will hear that a lot today. But it is not the 2 percent that most Americans would immediately think it is. It is not the 2 percent that are the wealthiest families in America. In fact, half of all the estates that are taxed, I guess that would be 1 percent of all estates, half of all the estates that are taxed have values of under $1 million. Now, we all know there is an exemption for up to $675,000. What it tells me is that half of the people who pay this tax are people who never expected to pay it. Half of the people who pay this tax are people who would be shocked if they were still alive as their families are shocked to find out that their small business, their family farm, is worth more than $675,000. When that happens, 55 cents out of every dollar goes to the Federal Government. If your estate is worth $100,000 over $675,000, $55,000 of that goes to the Federal Government. That is just wrong.”