Don Nickles: “I can think of a female entrepreneur in Oklahoma building a business. It has been very successful. She built it…”

“I can think of a female entrepreneur in Oklahoma building a business. It has been very successful. She built it basically from scratch. I am going to guess it is worth $100 million. For this hypothetical example, it is worth $100 million. This business has worldwide sales in pies. They have had great success. The value of that company probably 20 years ago was probably less than $1 million. Today, for this purpose, it is worth $100 million. Let's say she is the sole owner of the company and she dies. Under the Democrat proposal of my colleague from Wisconsin, the tax would be 55 percent. That is $55 million--55 percent. Under his proposal, also you would lose the stepped-up basis... you are going to have to pay another 20 percent on top of that. For this $100 million corporation, say, her sole survivor who wants to inherit this company and keep it running has to pay a tax bill in the neighborhood of about $75 million out of a $100 million company. What is right about that? What is fair about that? Nothing, zero. Again, taxes should be uniform. They should be fair.”