Political Quotes

“I rise today to voice my reluctant opposition to H.R. 2143. Mr. Speaker, I own a small farm and at one time was a small business owner. Therefore, I am fully aware of how estate taxes make it harder for parents to leave a legacy to their children, whether it is in the form of money, land, or a business. Throughout my service in Congress, I have been a strong supporter of estate tax relief for family farmers and small business owners. The first bill I introduced as a Member of Congress was a bill to raise the inheritance tax exemption from $600,000 to $1.5 million and indexed it to inflation for the first time. When a similar provision was included in the Taxpayer Relief Act of 1997, I introduced another proposal to provide further estate tax relief for those who inherit family owned farms and small businesses, by providing an estate tax exemption of $4 million. Last year, I even voted for H.R. 8, the Death Tax Elimination Act of 2001, to repeal the estate tax entirely by 2010. When I supported H.R. 8, our country was expecting continuing budget surpluses for years to come. However, the unfortunate reality of our situation is that we have witnessed--in just one year--the most dramatic fiscal reversal in the history of our nation. Last year's projected budget surpluses have disappeared, and our nation is now drowning in red ink with ever-growing budget deficits and increasing federal debt.”