Bob Menendez: “today we have another clear chance to see the priorities of the other side of the aisle. While my Republican colleagues…”

“today we have another clear chance to see the priorities of the other side of the aisle. While my Republican colleagues claim to have a plan to address gas prices, college tuition, and middle-class tax breaks, today the American people can see what the true agenda is: another gift to the wealthiest Americans who need it the least. Tomorrow, we will vote on whether we should consider permanently repealing a tax that only affects those who inherit estates larger than $4 million. We will be voting on whether repealing this tax should be a top priority for the United States Senate. And we will be voting on whether repealing a tax for those with multi-million dollar estates is a good way to spend the American people's tax dollars--$1 trillion of those tax dollars, to be exact. In my State of more than 8 million, only 1,100 New Jerseyans paid any estate tax in 2004. Of those New Jerseyans who inherited an estate, a small 1.5 percent paid any estate tax when the exemption was $2 million. Today, that exemption has doubled, and in three years, it will have more than tripled, so even fewer New Jerseyans will be affected. I strongly support giving estate tax relief to family farmers, small business owners and others who need it, but that's not what this bill does. This bill showers a trillion dollars in benefits on the top half percent of Americans at a time of record debt and deficits.…”