Frank Pallone: “the word is getting out to most Americans that the Republican bill being considered today provides tax cuts to the rich…”

“the word is getting out to most Americans that the Republican bill being considered today provides tax cuts to the rich and not for the working middle class. But today I read in the New York Times that there is another huge tax break for the wealthy that most of us did not know about. Buried in the estate tax section of the big tax cut bill is an obscure provision that would cost the Government $9 million a year in lost revenue and give a bonanza worth thousands of dollars to about a thousand wealthy taxpayers. A tax lawyer in New York, who spoke on the condition that his name may not be used, said his client, who he would not identify, stood to save at least $100,000 in taxes if this provision in question became law. Who knows what other tax breaks for rich individuals or corporations are in the Republican bill we will consider today? I urge my colleagues to vote ``no'' on this windfall for the rich at the expense of working Americans.”