Tom Udall: “I rise in support of the Pomeroy-Thurman alternative to the Republican Estate Tax Repeal extension. The alternative…”

“I rise in support of the Pomeroy-Thurman alternative to the Republican Estate Tax Repeal extension. The alternative, crafted by the gentleman from North Dakota and the gentle lady from Florida, offers immediate and permanent estate tax relief beginning January 1, 2003 by increasing the exemption to $3 million for individuals and to $6 million for couples. It is a balanced plan that will protect the few small business owners and farmers that are ever subject to this tax. In this time of deficits and pressing national needs like homeland security, Social Security and Medicare, should we be directing a costly tax cut only toward our wealthiest citizens? Under current law, estates of up to 43.5 million for any individual or $7 million for a couple will be exempt from any estate tax when reform is fully implemented in 2009. According to current estimates, only 22 estates in my home state of New Mexico would be subject to this progressive tax by 2009. The average worth of those estates is $18.6 million. It is completely unacceptable in a time of war to pass a permanent tax break for the nation's wealthiest Americans. In every other war in American history taxes have been raised to help the effort. Tragically, the House leadership and the Bush administration appear to be charting precisely the opposite course.”