Max Baucus: “the Book of Proverbs says: A good man leaves an inheritance to his children's children. Tomorrow, the Senate will vote…”

“the Book of Proverbs says: A good man leaves an inheritance to his children's children. Tomorrow, the Senate will vote on whether the Government should have a part in that transaction. Tomorrow, the Senate will vote on whether to move to the consideration of a repeal of the estate tax. During a particularly tumultuous time in American history, President Ford said: Truth is the glue that holds government together. Compromise is the oil that makes government go. We are not confronted with the same level of rancor today as when President Ford said that. But both of these institutional virtues-- truth and compromise--are as essential today as they were then. To achieve true estate tax relief for our constituents, we will need a heavy dose of each. The estate tax is a difficult issue. Members on both sides of the debate have strong feelings. Back home, many of us meet with ranchers, farmers, family businesses, and others who feel passionately about the estate tax. Some believe that it is an unfair tax. Others believe that it is an important source of revenue for government programs. Personally, I believe that the estate tax has caused significant hardship for families in my home state of Montana. I often hear from ranchers and farmers who own land that has become very valuable. Often, they have little cash in their pockets to pay the estate tax when passing their land on to their children.…”