Max Baucus: “I will start by complimenting the two leaders. Yesterday at this time, we were facing a likely cloture petition which…”

“I will start by complimenting the two leaders. Yesterday at this time, we were facing a likely cloture petition which would have severely limited debate on different amendments. We finally reached agreement on a certain number of amendments. It is good we have crossed that bridge and are now on the bill. Some of the amendments that are going to be offered today may be adopted--some may not--but at least they will all improve the bill. We will have an open debate on them, and that allows the American people to have a better opportunity to determine what makes sense and what does not. Again, I congratulate the leaders. The House bill still raises many serious questions that deserve careful consideration. I will name a few. One is the impact of the House bill across various income levels, something that has really not been discussed. How does it affect one income level versus another income level versus the highest income levels in America? Another is the new rules that maintain the carryover basis of certain inherited assets. What is all that about? It is kind of technical. The fact is, under the House bill--remember, the House bill doesn't repeal the estate tax until 10 years after enactment--there is not much relief in the first 10 years. But after 10 years, after the estate tax is repealed, many assets will no longer have a stepped up basis but instead have a carryover basis.”