Charles W. Stenholm: “if we believe that repeal of the estate tax is more important than eliminating the national debt and protecting the…”

“if we believe that repeal of the estate tax is more important than eliminating the national debt and protecting the integrity of the Medicare and Social Security trust funds, vote to override the veto of this bill. However, if we agree that eliminating the national debt and protecting Social Security and Medicare is a more important priority than any new spending or tax cuts, then vote to sustain this veto. Let me tell my colleagues what I am for. I am for estate tax relief for all estates up to $4 million effective January 1, 2001. The Democratic alternative that could have been signed into law would have immediately repealed the estate tax for all family-owned small businesses, farms, and ranches under $4 million and reduced rates on all other estates. It would provide immediate relief, instead of delaying relief for 9 years as the bill before us would do. Now, we hear a lot today about the $4.6 trillion surplus, but I would remind our colleagues in this body, these are just projections, and we know it. Budget projections that have changed repeatedly for the good over the past 3 years, they could just as easily change for the worse in the next 3 years. What happens then if we have already pocketed and spent these surpluses? It is easy to get applause in a town hall meeting by repeating the line ``you deserve the tax cut because the surplus is your money'' and that is the truth. But that line does not tell the whole truth.…”