Senate Proceeding 06-07-06 on Jun 7th, 2006 :: 2:30:46 to 2:42:41
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2:30:31 to 2:30:57( Edit History Discussion )

Thomas Carper: from more taxation. small businesses are being told that the estate tax could be the death of their businesses. the average american is now in fear that they too might have to pay a burdensome tax

2:30:46 to 2:42:41( Edit History Discussion )
Speech By: Thomas Carper

2:30:57 to 2:31:25( Edit History Discussion )

Thomas Carper: when the parent dies. the american people should see these for what they are: scare tactics. instead, the american people should be up in arms that this is the issue their senators think is the highest

2:31:25 to 2:31:49( Edit History Discussion )

Thomas Carper: priority. they should be furious that instead of dealing with any of the issues they're concerned about, instead of addressing energy prices, instead of providing a tuition deduction to help families

2:31:49 to 2:32:21( Edit History Discussion )

Thomas Carper: with the cost of college, we're talking about repealing taxes for the super wealthy. let's not be swayed by few stories or scare tactics. instead let's look at the facts. the fact is under the current exemption

2:32:21 to 2:32:51( Edit History Discussion )

Thomas Carper: only 135 small businesses nationwide have to pay any tax. the fact is while full repeal would help those with multimillion-dollar estates such as vice president cheney who would save up to $60 million from

2:32:51 to 2:33:26( Edit History Discussion )

Thomas Carper: repeal or former ex-son mobile president who would save $160 million, full repeal would hurt small businesses according to the small business council of america. the fact is that while this may save a few millions

2:33:26 to 2:33:56( Edit History Discussion )

Thomas Carper: for a handful of multimillionaires, the american people will be paying off the cost of this for years to come. mr. president, let's see it for what it is. this is a tax that does not affect 99.5%

2:33:56 to 2:34:29( Edit History Discussion )

Thomas Carper: of americans. this is not a tax crisis and it is not a family business crisis. repealing it is irresponsible. greater debt upon the next generation of americans for the benefit of a wealthy few is also

2:34:29 to 2:34:59( Edit History Discussion )

morally wrong. mr. president, i yield the floor. the presiding officer: the senator from virginia. mr. allen: thank you, mr. president. i rise this afternoon to strongly endorse h.r. 8, the death tax

2:34:59 to 2:35:24( Edit History Discussion )

Thomas Carper: repeal permanency act of 2005, and urge my colleagues -- my colleagues -- to actually vote for this. this has been brought up year after year for actually decades. i hope my colleagues will vote in favor

2:35:24 to 2:36:00( Edit History Discussion )

Thomas Carper: of giving the death penalty to death taxes. it's an unfair tax. i like listening to all of these different commentaries. the preceding speaker from new jersey was acting as if it's the government's money,

2:36:00 to 2:36:29( Edit History Discussion )

Thomas Carper: that this is the taxpayer's money somehow going to those who have estates. it's individuals, human beings, americans are the ones who are the owners of their property, not the government. my view

2:36:29 to 2:36:51( Edit History Discussion )

Thomas Carper: is as a matter of principle is that death should not be a taxable event. the sale of an asset ought to be the taxable event. now this is an important tax policy that affects family businesses, small

2:36:51 to 2:37:18( Edit History Discussion )

Thomas Carper: farms and people all over this country who would like to pass on their american dream, what they worked on and worked for and improved through their lives on to their children. i was listening to the

2:37:18 to 2:37:43( Edit History Discussion )

Thomas Carper: senator from arkansas who said she wanted a solution, wanted fairness, wanted certainty. well, there's going to be a chance to have that fairness, that certainty and a solution. tomorrow we're going to

2:37:43 to 2:38:09( Edit History Discussion )

Thomas Carper: vote on this measure, and we can repeal the death tax. that will bring a solution. it will bring fairness and it will bring certainty. i, in 2001, proudly supported the efforts to reduce taxes on families,

2:38:09 to 2:38:32( Edit History Discussion )

Thomas Carper: on individuals, on small businesses, and also phase out over a period of time the death tax. we reduced the death tax the way, the strange way that they do things up here in washington, the death tax was

2:38:32 to 2:39:01( Edit History Discussion )

Thomas Carper: at 55%. it gets reduced over a period of years until the year 2010 to zero. and in 20-odd 6 it's one amount, 2008 it is another. by 2010 it is down to zero. but then in the year 2011 it goes back

2:39:01 to 2:39:41( Edit History Discussion )

Thomas Carper: up to 55% and a $600,000-something exemption. one would think in looking at this tax policy, the folks up in w-gz are in -- washington are incenting the american people to die in the year 2010. if they

2:39:45 to 2:40:12( Edit History Discussion )

Thomas Carper: die that year, there's no death tax. if they survive, then you're going to be subjected to a 55% tax. this is a strange and odd policy. i think it hurts hard-working taxpayers who wish to leave their

2:40:12 to 2:40:33( Edit History Discussion )

Thomas Carper: live's work to their loved ones. i think it has harmed entrepreneurs and innovators whop to be able to rely on a predictable, consistent tax system so that they can invest and create jobs and expand opportunity

2:40:33 to 2:41:03( Edit History Discussion )

Thomas Carper: and spur economic growth. this absurd, complicated tax policy does not -- does not -- allow people to plan with a simple, stable and certain tax law. now we have an opportunity to give the death penalty

2:41:03 to 2:41:36( Edit History Discussion )

Thomas Carper: to the death tax once and for all. this is the right thing to do for a number of reasons. first and foremost is the issue of fairness. talking about who's money is this. if an american man or woman earns

2:41:36 to 2:42:06( Edit History Discussion )

Thomas Carper: money, they get hit with an income tax. if they invest it -- if they invest it, they get hit with taxes on any interest. if they sell an asset that they've invested in, that ends up getting hit

2:42:06 to 2:42:37( Edit History Discussion )

Thomas Carper: with a capital gains tax. dividends are taxed. interest is taxed. if they buy something with that earned money that has already been taxed once or twice before, they pay a sales tax. and as a practical

2:42:37 to 2:43:04( Edit History Discussion )

Thomas Carper: matter, the government taxes people to death. and then after they do die, what happens? you have in effect the i.r.s. like a bunch of buzzards hovering around at the funeral trying to get another