Statements on Introduced Bills and Joint Resolutions

Floor Speech

By Mr. BOOZMAN:

S. 1402. A bill to repeal the Federal estate and gift taxes; to the Committee on Finance.

Mr. President, part of the American Dream is to build an inheritance that will benefit our future generations. The death tax works against that idea by making planning and passing on family farms and businesses to the next generation even more difficult. Often times the cost is too much to absorb and families end up spending their hard-earned money on attorney fees, selling their land or business and its assets, or laying off workers just to pay Uncle Sam. We need to eliminate polices like the death tax that create unnecessary burdens on our agriculture community and family businesses. The Death Tax Repeal Act would permanently eliminate the federal estate and gift taxes that punish America's agriculture producers and small business owners. According to a study by Douglas Holtz-Eakin, a former director of the non-partisan Congressional Budget Office, repealing the death tax would create 1.5 million additional small business jobs and would decrease the national unemployment rate by nearly 1 percent.

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

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