Permanent Estate Tax Relief Act of 2006
PERMANENT ESTATE TAX RELIEF ACT OF 2006 -- (House of Representatives - June 22, 2006)
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Mr. HOYER. This has nothing to do with the economy and everything to do with fiscal responsibility.
Mr. Speaker, over the last 5 1/2 years, this Republican majority has repeatedly pushed tax legislation that is blatantly unfair, grossly irresponsible, and fiscally ruinous. Today, however, they outdo even themselves.
Our Nation is at war, our brave troops are under fire, our Nation is facing record budget deficits. That is the legacy of this Republican leadership. And the national debt, which now stands at $8.4 trillion, is exploding under this Republican Congress and administration.
Despite all the challenges facing the people of our Nation, today this Republican majority insists that we give a huge tax break to the heirs of the wealthiest people in America. I am for modification that is in process, not this bill.
If there ever was a bill that demonstrated the Republican Party's misguided priorities and the deep differences between our parties, this is the one. Democrats are continuing to fight to raise the Federal minimum wage which has not been increased since 1997 and which is at its lowest level in half a century; 6.6 million workers would be affected, 7,500 people in this bill.
As the majority leader told the press on Tuesday: ``I am opposed to it,'' meaning the increase in the minimum wage, ``and I think the vast majority of our conference is opposed to it.''
But this bill comes to us, not been to committee, never marked up in committee, comes directly to the floor with no consideration.
Let us be clear about the facts. Less than 1 percent of all estates in America will pay estate taxes in 2006 under this year's exemption before this bill. And when the exemption increases in 2009 to $3.5 million, which I have supported, $7 million for couples, only 7,500 estates in America will be subject to the estate tax. But that is not enough. Warren Buffet said they talk about class warfare and his class is winning. Amen, Mr. Buffet.
Today, House Republicans are falling all over themselves to give the heirs of approximately 7,500 estates a tax cut. This bill is not only morally reprehensible but fiscally irresponsible. The Center for Budget and Policy Priorities estimates that this Republican bill will cost $762 billion over its first 10 years.
You don't have $762 billion. We are all correct, you are going to borrow it for the Chinese, from the Saudis, from the Germans, from the Japanese, and others. And who is going to pay the bill? Our children are going to have to pay the bill, our grandchildren are going to have to pay that bill, because you don't have the money.
The Wall Street Journal, which was quoted by Mr. Thomas, said the other day they didn't agree with PAYGO. Why don't they agree with PAYGO? Because it would undercut tax cuts. Why would it undercut tax cuts? Because you neither have the courage nor the ability to pay for your tax cuts.
Vote against this bad bill.
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