Political Quotes

“Madam President, I rise in support of amendment No. 3106, which would preserve the longstanding step-up in basis for family-owned businesses, farms, and ranches. For decades, the Tax Code has allowed family-run businesses to be handed down without imposing capital gains taxes on the appreciation in value from the prior generation. Changing this would hit generationally owned enterprises hard, particularly in rural communities. And it could force families to sell off part of the farm or business just to pay the new tax. Congress tried something similar before and had to repeal the tax before it took effect because it was unworkable. Unlike amendment No. 3317, which is a side-by-side the Democrats will be offering here temporarily, which would simply delay the tax, my amendment would provide permanent relief by preserving step-up in basis for all family-owned businesses, farms, and ranches. I encourage my colleagues to support it and would add that I have letters of support from the National Association of Manufacturers, NFIB, Family Business Estate Tax Coalition, Taxpayers Protection Alliance, Council for Citizens Against Government Waste, Americans for Tax Reform, National Taxpayers Union, Center for a Free Economy, Family Business Coalition, Small Business and Entrepreneurship Council, and CASE. Madam President, I urge the adoption of this amendment. The PRESIDING OFFICER. Does the Senator wish to call up his amendment?”