Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I guess it becomes my job to point out that the Republicans are at it again. Another huge tax cut or break for the less than 1 percent of the richest Americans while they…
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I guess it becomes my job to point out that the Republicans are at it again. Another huge tax cut or break for the less than 1 percent of the richest Americans while they turn their back and cut Medicaid, refuse to recognize that Social Security is not in crisis but needs some adjustment, cut Head Start, cut programs for housing, cut programs for the environment, fail to provide the promised benefits to our 140,000 servicemen in Iraq, turn their back on all that is American to give a few dollars to the very richest of Americans.
Now, not all Republicans are that way. I find that many of the Republicans who have actually worked for a living at some point in their lives, and not just either inherited money or been at the trough of the government, actually oppose this bill. Warren Buffett, the Gates family, people who have done quite well think that as I do it is a stupid bill and will do nothing for our free enterprise system. It will stifle creativity and leave us with a system where merit and ability mean nothing and heredity means everything.
$300 billion over the next 10 years and perhaps another $700 billion over the decade following that are going to be frittered away to a very small number of Americans. With that we could end this talk about privatizing Social Security that President Bush is leading, and we could start shoring up the trust fund. We could get rid of the doughnut hole in the poorly constructed Medicare drug benefit. We could fulfill the promise that the President and the Republicans have ignored for funding No Child Left Behind. We could eliminate the proposed cuts to Medicaid which will hurt the poorest children in this country. And while we may help a few very rich children with an inheritance, we will cut hundreds of thousands of children's Medicaid benefits. That could be prevented.
We could cover a large portion of the 45 million people who are without health insurance, I might add 8 million more than when President Bush took office. But Republicans obviously do not care about Social Security or Medicare or the uninsured or education or the children. They only care about tax cuts for the very richest among us.
Now, if you eliminate this, you are only going to help probably less than a couple thousand people a year, and they will arguably have by 2009 estates of over $7 million. Until now there has not been a family farmer or a small business who has been unable to pass the business on to the next generation.
I might add to my friend from Missouri of his people in the lumber business, if their children cannot get the first $7 million handed to them and then get a 50 percent down payment on the balance of the business and be given 10 years at less than 6 percent to pay off the balance of that, they are probably too dumb and would lose the business in no time at all anyway.
So what the current law allows is so generous, and there have been absolutely no instances, not one, of a family farmer or family business being lost, decimated or put on the auction block because of the estate tax.
In fact, 99.7 percent of all estates would be exempt from the estate tax if
we just extend the tax as it applies in 2009. They cannot show that it harms people. They can only show that gives billions, $300 to almost $1 trillion over 20 years, to the very smallest, most select group of rich people in this country.
It is indeed a follow on of the Republican mantra, give money to the rich, give it to them in huge amounts and cut back on education, cut back on health care, do not help the environment, cut back on support for our troops and cut back on improving America's infrastructure, all in the name of helping the few rich who may be contributors to the Republican party.
I urge that my colleagues vote ``no'' on the final bill. I urge that my colleagues vote for the gentleman from North Dakota's (Mr. Pomeroy) who will offer a responsible substitute, which will at least keep the $300 billion from being squandered, and it will prevent this bill, which does nothing to help hardworking Americans or small businesses, and I hope we can bring some sanity back to the financial code and to the economic future of this country by not passing this bill.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, I yield 3 minutes to the gentleman from Michigan (Mr. Levin).
(Mr. LEVIN asked and was given permission to revise and extend his remarks.)
Mr. Speaker, I yield myself enough time to remind the historians here that it was the Republicans in the 1800s who established the original inheritance tax to prevent a nobility class from forming, an idle nobility class, in this country.
Mr. Speaker, I am happy to yield 4 minutes to the gentleman from Washington (Mr. McDermott).
(Mr. McDERMOTT asked and was given permission to revise and extend his remarks.)
Mr. Speaker, I yield 2 minutes to the gentleman from Maryland (Mr. Cardin).
Mr. Speaker, I yield 3 minutes to the gentleman from Massachusetts (Mr. Neal).
(Mr. NEAL of Massachusetts asked and was given permission to revise and extend his remarks.)
Mr. Speaker, I yield 4 minutes to the gentleman from Tennessee (Mr. Tanner).
(Mr. TANNER asked and was given permission to revise and extend his remarks.)
Mr. Speaker, I yield 4 minutes to the gentleman from Texas (Mr. Doggett).
Mr. Speaker, I yield 2 minutes to the gentleman from Massachusetts (Mr. Tierney).
(Mr. TIERNEY asked and was given permission to revise and extend his remarks.)
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, I yield 1 minute to the gentleman from California (Mr. Sherman).
Mr. Speaker, I yield the balance of my time to the gentlewoman from California (Ms. Pelosi).