Earl Blumenauer: “today's debate is really one of priorities and fiscal discipline, not the estate tax. There is no question that the…”

“today's debate is really one of priorities and fiscal discipline, not the estate tax. There is no question that the inheritance tax is badly in need or reform. Since I came to Congress, I have supported increasing the exemption, adjustments for inflation, modification of rates, and protections for closely-held and family businesses. That approach would gain the support of the vast majority of my colleagues, and would also offer more immediate and more reliable relief than a phased-in repeal that could be halted at the first sign of economic trouble. By contrast, the bill the President vetoed contained much less than met the eye--and much less than those who own businesses, woodlots and farms deserve. Far from offering predictability, certainly and immediate relief, this proposal promised only a roll of the dice, continuing current inequities over a ten-year period and inviting future freezes and reversals. More fundamentally, since I have been in Congress, I have been dismayed by our eagerness to act on the problems of those who need help the least, while ignoring those who need help the most. We have put the needs of children, senior citizens and working families of modest means on hold. For example, congress has proposed repealing the 'death tax' that affects a few hundred of America's wealthiest people, but has done nothing to address the 'life tax' that affects the poorest of the 1.6 million people--22 percent of America's elderly--in nursing homes.”