Eliot Engel: “in demonstration of my support for family owned businesses and farms, and because estate taxes are, in general, too high…”

“in demonstration of my support for family owned businesses and farms, and because estate taxes are, in general, too high and burdensome, I cosponsored H.R. 8. I am glad that my action helped to shed light upon this issue. However, H.R. 8 was never a perfect bill. While rightfully focusing on the need to help reform the estate tax, the bill goes too far. I am concerned that although the bill does help small businesses and family farms, the majority of people who benefit if H.R. 8 passes are not average Americans, but the most wealthy. Furthermore, the bill would result in a substantial revenue loss over the next 10 years. This week, I have reviewed the amendment to H.R. 8 which will be offered by our colleagues, Representatives Rangel, Cardin, and Stenholm. This Democratic alternative specifically addresses the issue of providing relief to our farmers and families, which is the most important aspect of estate tax reform. I will, therefore, be very pleased to support the Democratic substitute as it addresses the very reason I cosponsored H.R. 8. It is my hope that this amendment will pass so that I can vote for H.R. 8, as amended. However, given that the Democratic substitute is markedly superior to the underlying bill, I will vote against H.R. 8 if the Democratic substitute fails.”