William M. ``Mac'' Thornberry: “I rise in support of H.R. 8, although I would prefer to abolish the death tax immediately and completely. But, the…”

“I rise in support of H.R. 8, although I would prefer to abolish the death tax immediately and completely. But, the unusual budgetary scoring rules which we must follow do not allow us to take into account real world consequences of changes in tax policy, and so we must phase it out. While there is a lot of ``sound and fury'' in this debate, the essential point is this: It is wrong to tax death. It doesn't matter if someone has saved $5 or $5 million; it is wrong to tax death. People in my district and all around the country have worked hard all their lives, paid taxes on what they have earned, saved, and want to leave something so their children can have a better life. It is wrong to punish them for doing so. It also makes sense to get rid of this tax. A report by our Joint Economic Committee in December 1998 provides Members with a comprehensive look at the many studies that have been made on the effects of this tax. The JEC report found that: The death tax reduced capital stocks in the U.S. by 3.2%, limiting growth, job creation, and higher standards of living for our people. The death tax makes small businesses, particularly minority and female-owned small businesses, less likely to invest, expand, and hire new workers. Indeed, they are forced to spend thousands of dollars on lawyers, accountants, life insurance, and other tax avoidance measures.”