Byron Dorgan: “Let me say by unanimous consent, the room was not dark. The room was not dark. In addition to creating this comedic…”

“Let me say by unanimous consent, the room was not dark. The room was not dark. In addition to creating this comedic approach to tax relief, they decided in 2004 they will repeal the family-owned business deduction. Those who say they are on the floor of the Senate to help family businesses and family farms are the very ones who stuck in their bill last year a repeal of the family-owned business deduction in 2004. You can make one of two points, but not all at the same time. You can say, as they say incorrectly, that the family-owned business deduction does not work. If that is the case, they probably should have repealed immediately. But they are saying it does not work so we will let it continue not to work and repeal it later. I suppose this is also great material for comedy but a pretty poor excuse, in my judgment, for sound tax policy. Strip away all of the leaves and ask the question, What are the issues? Simply, they are these: I propose an $8 million unified estate tax exemption for a husband and wife. If you do not have assets equalling $8 million, do not worry, you will never have an estate tax obligation. That is No. 1. No. 2, I propose a total repeal of the estate tax in 2003 for the passage of a family business or a farm to the kids who want to continue to run it. If the parents die, and the kids want to run that operation, I say good for them. The last thing in the world we want to do is interrupt that with an estate tax obligation.”