Political Quotes

“Madam President, I appreciate the support of my colleagues in acknowledging the full benefit of step-up in basis for all businesses. This amendment proposed by the Senator from Nevada dilutes that support. As I previously described, the administration's proposal would end the existing step-up in basis tax treatment that protects generationally owned businesses from tax liability when a business is passed on to the next generation. And I might add--I said this earlier--this was tried once in the 1970s. Chuck Grassley was here, and he was the guy who helped end this because it was unworkable. So here we are trying to do this all over again. The administration suggested it might include arbitrary exemptions to this ill-advised idea, which I think is what the Cortez Masto amendment speaks to. But, unfortunately, these so-called protections for family- owned operations would not provide sustained relief and, in practice, would be incredibly difficult to implement--the reason they didn't do it in the 1970s. We have never taxed unrealized gains in this country. This proposal is a half measure that would still punish hard-working families and businesses in this country, and I urge my colleagues to oppose it. Vote on Amendment No. 3317 The PRESIDING OFFICER. The question is on agreeing to the amendment. The clerk will call the roll. The senior assistant bill clerk called the roll.”