Earl Pomeroy: “Let us talk about the estate tax provision because I do think it is one where clearly the multi-multimillionaires are…”

“Let us talk about the estate tax provision because I do think it is one where clearly the multi-multimillionaires are the largest beneficiaries. I noted with interest the debate. I represent a farmer's State. I arguably represent more production acres than any other Member of the House of Representatives, and when they are talking about the farmer's need for this estate tax relief and the small business owner's need for this estate tax relief, I paid close attention because those are the folks I speak for. Well, we came up with a proposal that would have allowed $4 million on a unified credit in estate tax relief, and I was wondering, is this sufficient? I got a USDA figure. Ninety-nine percent of the farms in this country have a net worth of $3 million and below. We took it up to $4 million. So this business about this being a farmer-driven issue, this being a small business driven issue, that is fiction, that is bait and switch. They will hold out the farmer, they will hold out the small business owner. Believe me, repeal of the estate tax is not about them at all. It is about the wealthiest few in this country, and if we direct our tax relief there, look, if we had unlimited resources, I would say fine, fine; but if we give it there, then we darn sure make sure that middle income families do not get the relief that they need.”