William M. ``Mac'' Thornberry: “I want to focus my time on a part of the budget that is not all that big in terms of its relative size, but it is very…”

“I want to focus my time on a part of the budget that is not all that big in terms of its relative size, but it is very big in terms of what we believe in and what we stand for and what we want to encourage in this country. The budget agreement with the President and this budget includes some relief on death taxes, otherwise known as inheritance, or estate taxes. Benjamin Franklin said that nothing is certain but death and taxes, and as tough as each of these things are when they come, to have them to come together at the same time is virtually unbearable. Farmers, ranchers, small business folks of all varieties in my area have felt the sting and effects of this tax, but the truth is the consequences affect all of us. I want to make three key points on why it is so important to do something in this area of death taxes. No. 1 is that of all of the money coming to the Federal Government, only about 1 percent comes in the form of estate or death taxes. It is about $15 billion a year. Yet Congress has received testimony that administration and litigation costs eat up more than half of that amount, so that it is a very expensive and very cumbersome tax for the Government to administer.”