Patty Murray: “the estate tax is bad for businesses. It is bad for workers and new job creation. And it is bad for our communities who…”

“the estate tax is bad for businesses. It is bad for workers and new job creation. And it is bad for our communities who are watching their local, family-owned businesses get swallowed up by large corporations. Therefore, I wish I could have supported the estate tax repeal amendment debated today. For the last 7 years, I have worked to address the problems with the estate tax. I introduced legislation in 1995 to reform the estate tax, and I voted for the 1997 tax bill that made it easier for family farms and small businesses to transfer their assets to the next generation. In 2000, I cosponsored legislation by Senator Jon Kyl and former Senator Bob Kerrey to repeal the estate tax. I voted for similar legislation later that year. I believe the Kyl-Kerrey bill made a critical contribution to the estate tax debate. It was a middle ground that essentially substituted an estate tax when an asset is transferred at death with a capital gains tax when an asset is sold. In my opinion, that is a fair approach. For me, estate tax repeal is about protecting and creating jobs, strengthening locally owned businesses, and protecting the environment.”