Sylvester Turner: “the Democratic substitute offered by the gentleman from North Dakota (Mr. Pomeroy) today gives more tax relief to more…”

“the Democratic substitute offered by the gentleman from North Dakota (Mr. Pomeroy) today gives more tax relief to more families immediately than the Republican bill. The contrast between the Republican bill and the Democratic substitute is stark. The Republicans choose to help the wealthiest families in America while leaving the families with small businesses and family farms paying the estate tax for the next 7 years. The substitute being offered today provides $3 million in exclusion from the estate tax, $6 million for a couple. Unfortunately, families across this country will have to wait until 2009 to get similar relief from the Republican bill. Let us look at the facts. Every year between now and 2009, Republicans are willing to let over 50,000 modestly wealthy families continue to pay in estate tax while giving the wealthiest 300 families an average of $10 million in tax relief. The Republicans have chosen to benefit the super-rich instead of helping 50,000 families who would be immediately taken off the estate tax rolls by the Democratic substitute. It should be no surprise to discover that under the Republican bill a new capital gains tax is imposed on over 18,000 American families every year by the elimination of the so-called stepped-up basis in values for estates above $1.3 million.”