Joe Crowley: “hard working Americans should not be forced to liquidate their holdings and sell off the businesses their fathers or…”

“hard working Americans should not be forced to liquidate their holdings and sell off the businesses their fathers or grandfathers started in order to pay their estate taxes. The estate tax, while only affecting a relatively small number of people, does harm small businesses, family farms and ranches. I am not talking about the wealthiest Americans; I am talking about hard working Americans. This relief needs to be immediate. While I support the principles of H.R. 8, it does not help hard working families now, or even next year, it will not help 10 years from now. Additionally, it will take from our surplus that could be spent on shoring up Social Security, implementing a prescription drug benefit for seniors and improving education. H.R. 8 really helps the wealthiest Americans. In today's economy, one million dollars does not make a millionaire. On paper, a family business may be worth six million dollars with property and buildings, but the family is really struggling to survive. The Rangel substitute addresses the inflation in our economy while still being fiscally responsible. The Rangel substitute increases the special exclusion to the estate tax to two million dollar per person. It provides further relief and simplifies the estate tax for this group by allowing any unused portion of the exclusion to be transferred to the surviving spouse, making the total exclusion four million dollars to eligible farm and small business owning couples.”