Charles W. Stenholm: “I want to first begin by commending the gentleman from Texas [Mr. Archer], the chairman, the gentleman from New York…”

“I want to first begin by commending the gentleman from Texas [Mr. Archer], the chairman, the gentleman from New York [Mr. Rangel], the ranking member, and the President of the United States for their work in putting together this conference report which I urge everyone to support today. As so often happens in the legislative process, it is not a perfect document but certainly when we compare this bill with that which originally passed the House of Representatives, there are many significant improvements, one of which is in the area of the child tax credit, a debate that occurred that was truly amazing to many, that those who were earning $25,000 a year and also working were not to be entitled to a tax credit; amazing that the debate occurred, but it has been resolved in a very favorable way which pleases 50 percent of the constituents of the 17th District of Texas who find themselves in that income category. In the area of the capital gains tax cut, one thing that was recognized that I think will prove to be hopefully a goal for the future is to recognize longer held investments should be entitled to capital gains reductions, not necessarily the short term that provides for speculation and quarterly report syndrome. The estate tax relief, something that we advocated, the Blue Dogs and others, glad to see now a $1.3 million estate tax relief for family held businesses, as my colleague from Iowa a moment ago so eloquently put.”