Charles W. Stenholm: “there is agreement from both sides of the aisle today that there are very real problems with the estate tax that we need…”

“there is agreement from both sides of the aisle today that there are very real problems with the estate tax that we need to address. Some small businesses and family farms cannot be passed from generation to generation because the estate taxes imposed upon the death of the owner plays too great a financial responsibility burden on the remaining family. This is wrong. But I encourage my colleagues to examine carefully the substance of H.R. 8 and the Democratic alternative to see which proposal actually delivers the relief we all want to provide. I want to bring estate tax relief to the people I represent in the 17th district of Texas. Family farmers and small business owners. But I want to do so from a fiscally responsible way, that which does not harm debt reduction or endanger necessary programs, such as defense, Social Security, Medicare, veterans programs. That is why I support the Rangel-Cardin-Stenholm substitute and oppose H.R. 8. Unlike H.R. 8, the Democratic alternative does not threaten Social Security and Medicare, with all due respect to the gentleman from Texas (Mr. Archer). The back-end loaded costs of the bill will threaten our ability to meet the challenges facing Social Security.”